USD/CHF Price Analysis: Bull's probe an 11-month-old trendline around 0.9282
|- The USD/CHF is gaining 0.65% during the week, ahead of the weekend.
- Improved market mood spurred by some developments in Ukraine boosted the greenback.
- USD/CHF Technical Outlook: Neutral biased, with the DMAs almost horizontal in the daily chart.
The USD/CHF advances sharply in the day, amid an improved market sentiment, as Russian President Putin reportedly is ready to send a delegation to Minsk for talks with Ukraine. At the time of writing, the USD/CHF is trading at 0.9276, approaching an eleven-month-old down trendline.
On Friday, during the overnight session for North American traders, the USD/CHF fluctuated between 0.9230—0.9260, with an unclear bias. However, late in the European session, the pair rallied towards 0.9282, an upward move capped by the 11-month-old abovementioned trendline.
USD/CHF Price Forecast: Technical outlook
The USD/CHF bias is neutral, and the pair faces strong resistance at a downslope trendline. However, the daily moving averages (DMAs) below the spot price would advise the USD/CHF as upward biased, but the DMAs slope is almost horizontal.
Upwards, the USD/CHF first resistance would be 0.9282. Breach of the latter would expose February 18 daily high at 0.9296, followed by January 31 daily high at 0.9342.
On the flip side, the USD/CHF first support is 0.9200. Once cleared, the next demand zone would be February 23 daily low at 0.9150, followed by 0.9100.
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