USD/CHF Price Analysis: Bulls remain in control near 0.9190
|- USD/CHF locks in some gains in the early European session.
- Pair looks for additional gains, stays comfortable above 20-hour SMA.
- Momentum oscillators hold onto overbought zone and adopt a wait-and-watch approach.
USD/CHF edges higher on Tuesday morning in the initial European trading hours. The pair moves in a close trading range with almost 10 pips movement and awaits confirmation before any directional bet.
At the time of writing, USD/CHF is trading at 0.9190, up 0.10% for the day.
USD/CHF 4-hour chart
On the 4-hour chart, the pair has been well supported above the 20-hour Simple Moving Average (SMA) at 0.9185. The upward trendline from the low of 0.8981 remains defensive for the bulls.
If the pair sustains above the session’s high at 0.9196, then it has the potential to move back to the 0.9220 horizontal resistance level.
The Moving Average Convergence Divergence (MACD) indicator trades in an overbought zone, with a bearish crossover. As per the formation, price has retracted from the highs of 0.9230 to the lows of 0.9176. Any uptick in the MACD could prompt USD/CHF bulls to retest the previous day’s high in the vicinity of 0.9240 area.
The price action would then open the gates for the levels last seen in April. The bulls would capture the high of April 15 at 0.9246.
Alternatively, if price reverses direction, then the first target for USD/CHF bears could be the previous day’s low at 0.9175 followed by the 0.9140 horizontal support area.
Next, the market participants would set their eyes on the 0.9100 key psychological mark.
USD/CHF additional levels
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.