USD/CHF Price Analysis: Grinds higher past 0.9400 to snap two-day losing streak
|- USD/CHF prints mild gains while defending the bounce off weekly support line.
- 200-HMA probes the run-up targeting 13-day-old resistance line.
- MACD, RSI suggests extension of recent moves towards the north.
USD/CHF picks up bids to 0.9420 during the first weekly positive, so far, in three heading into Thursday’s European session. In doing so, the Swiss Franc (CHF) pair also snaps the two-day downtrend as it grinds near the intraday high.
The quote’s latest upside could be linked to the repeated bounce off the one-week-old ascending trend line.
Also keeping the buyers hopeful are the bullish MACD signals and the firmer RSI (14) line, not overbought.
However, the 200-HMA level surrounding 0.9435 guards the USD/CHF pair’s immediate upside.
Also acting as the short-term key resistance line is a downward-sloping trend line from November 21, near 0.9500 by the press time.
In a case where the USD/CHF bulls manage to keep the reins past 0.9500, tops marked during November 30 and 21, close to 0.9550 and 0.9600 in that order, will be in focus.
On the contrary, pullback moves remain elusive beyond the aforementioned short-term support line, near 0.9370 as we write. That said, the 0.9400 round figure limits the USD/CHF pair’s immediate downside.
In a case where the quote stays weak past 0.9370, it becomes vulnerable to testing the lows marked during late March, around 0.9200.
USD/CHF: Hourly chart
Trend: Limited upside expected
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