USD/CHF Price Analysis: Hits one-month highs, bolstering bullish setup
|- USD/CHF hits a multi-week high, validating daily RSI's bullish divergence.
- The MACD indicator shows strengthening of bullish momentum.
USD/CHF jumped to 0.9180 on Tuesday – the highest level since Aug. 12.
The uptick has bolstered the immediate bullish view put forward by the positive divergence of the 14-day relative strength confirmed last week.
The MACD histogram now prints higher bars above the zero line – a sign the upward move is gathering steam. The 5- and 10-day simple moving averages are also beginning to trend north, indicating a bullish setup.
As such, the pair looks set to test resistance at 0.9242 (Aug. 3 high), which, if breached, would shift the focus to the former support-turned-hurdle at 0.9362 (July 9 low).
A close below the 10-day SMA, currently at 0.91, would invalidate the bullish bias.
Daily chart
Trend: Bullish
Technical levels
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