USD/CHF Price Analysis: Bulls battle three-month-old resistance line above 0.9200
|- USD/CHF takes the bids near fresh seven-week high.
- Bullish MACD, sustained break of 50-day EMA keeps the bulls hopeful.
- Early-month top offers immediate support, major bears will stay away unless breaking the monthly support line.
USD/CHF rises to 0.9215, up 0.20% intraday, while heading into the European open on Wednesday. In doing so, the Swiss major refreshes the highest level since August 03 while also attacking a descending trend line from June 30.
Considering the bulls’ ability to successfully cross 50-day EMA, amid bullish MACD, USD/CHF prices are likely to stay positive.
Hence, further buying awaits a clear break of 0.9220 while targeting the August month’s peak surrounding 0.9240/45. Though, the 100-day EMA near 0.9300 may tame the pair’s additional upside.
On the downside, the September 08 top near 0.9200 and 50-day EMA level of 0.9181 can entertain short-term sellers ahead of the August 20 high close to 0.9160.
However, a major selling is likely unless USD/CHF trades above an upward sloping trend line from September 01, at 0.9080 now.
USD/CHF daily chart
Trend: Bullish
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