USD/CHF Price Analysis: Bulls defend critical support near 0.9110
|- USD/CHF prints minute gains on Monday in the initial Asian session.
- Bulls remain hopeful near the multiple support formations around 0.9110.
- Momentum oscillator adopts the wait-and-a-watch approach before aggressive bets.
USD/CHF edges higher on the fresh trading week in the Asian trading hours. The pair hovers in a very close trading range of 10-pips with an upside momentum.
At the time of writing, USD/CHF is trading at 0.9115, up 0.03% for the day.
USD/CHF daily chart
On the daily chart, the USD/CHF pair has been consolidating near the 0.9110 support level with multiple bottom formations.
The descending trendline from the high of 0.9274 made on July 2 acts as defence for the bulls.
Being said that, If price moves higher, it could immediately test the 0.9140 horizontal resistance level.
The Moving Average Convergence Divergence (MACD) trades just above the midline with a neutral stance. Any uptick in the MACD would encourage the bulls to continue to march higher towards the 0.9275 horizontal resistance level.
A break of the bearish sloping line would see USD/CHF bulls to testify the 0.9200 psychological level.
If price starts moving lower, it could retest the 0.9080 horizontal support level.
Further, it could drop toward the low of August 6 at 0.9065, USD/CHF bears would seek the next target at the 0.9040 horizontal support level.
USD/CHF additional levels
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