USD/CHF Price Analysis: Bounces off monthly support to regain 0.9250
|- USD/CHF consolidates two-day losses, refreshes intraday high of late.
- 11-week-old horizontal hurdle lures bulls, 0.9100 becomes a tough nut to crack for bears.
USD/CHF takes the bids to refresh daily top, around 0.9250, up 0.12% intraday, while snapping a two-day downtrend ahead of Wednesday’s European session.
In doing so, the Swiss currency pair rebounds from an ascending support line from September 03, around 0.9230 amid a firmer Momentum line.
The pair’s upside currently aims for July’s top near 0.9275 before challenging the monthly peak of 0.9332. Also, the 0.9300 threshold may offer an intermediate halt during the run-up.
Meanwhile, a downside break of 0.9230 may witness multiple supports around the 0.9200 round figure and the 0.9130 level.
However, a convergence of the 200-DMA and an ascending trend line from early June, close to 0.9100, will challenge the USD/CHF bears afterward.
To sum up, USD/CHF regains upside momentum but the bulls should stay cautious.
USD/CHF: Daily chart
Trend: Further recovery expected
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