USD/CHF Price Analysis: Gyrates above 0.9000 inside weekly rising channel
|- USD/CHF eases after refreshing multi-day top, stays in a positive zone so far.
- Bullish MACD, chart pattern favor buyers, previous resistance line, 200-bar SMA may lure bears on channel breakdown.
USD/CHF recedes from a nine-week top to 0.9040 during early Friday. In doing so, the quote remains positive while staying inside a bullish channel formation established since last Friday.
Considering the sustained trading beyond 200-bar SMA amid bullish MACD, USD/CHF is up for further advances inside the bullish chart pattern.
As a result, the latest pullback can be considered less harmful unless breaking the channel’s support line, at 0.9007 now. Also restricting the nearby declines is the 0.9000 threshold.
It should, however, be noted that the quote’s downside past-0.9000 will not hesitate to challenge the previous resistance line from January 11, currently around 0.8947, whereas the 200-bar SMA level of 0.8880 can entertain the USD/CHF bears afterward.
Meanwhile, the stated channel’s resistance line close to 0.9070 guards the quote’s immediate upside ahead of the December 01 high of 0.9093.
In a case where USD/CHF bulls stay dominant past-0.9093, the 0.9100 round-figure can offer an intermediate halt during the rally targeting November 2020 peak surrounding 0.9210.
USD/CHF four-hour chart
Trend: Bullish
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