USD/CHF Price Analysis: Buyers attack weekly resistance line around mid 0.9200s
|- USD/CHF takes the bids to refresh intraday high, extends Friday’s recovery moves.
- Firmer RSI favor bulls to battles with short-term key hurdle.
- Three-week-old rising trend line, 100-SMA add to the downside filters.
USD/CHF renews intraday high to 0.9260, up 0.14% intraday as European traders brace for Monday’s task.
The Swiss currency (CHF) pair jostles with a downward sloping trend line from September 21 while printing a two-day uptrend.
Given the upbeat RSI conditions, not overbought, as well as the pair’s sustained trading beyond 100-SMA and a three-week-old rising trend line, USD/CHF is likely to extend the latest recovery beyond the 0.9260 immediate hurdle.
Following that, 0.9285 and 0.9310 may entertain the pair buyers before challenging them with a monthly high of 0.9332.
Alternatively, pullback moves may aim to retest the support line from early September, near 0.9230, a break of which will direct the USD/CHF sellers towards a 100-SMA level of 0.9218.
It should be noted, however, that the pair’s weakness past 100-SMA will target the area near the 0.9190 mark, including multiple levels marked since late August and 61.8% Fibonacci retracement of August 30 to September 20 upside.
USD/CHF: Four-hour chart
Trend: Further upside expected
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