USD/CHF Price Analysis: Refreshes five-month high on the way to 0.9320-25
|- USD/CHF edges higher around multi-day top after crossing July’s peak.
- Sustained trading above 0.9275 becomes necessary for bulls to keep reins.
- Two-month-old previous resistance challenges pullback moves, horizontal area comprising multiple tops since March lures bulls.
USD/CHF grinds to the north after refreshing the highest levels since April around 0.9275-80 during early Friday.
The Swiss currency (CHF) pair crossed an upward sloping trend line from July 20 the previous day to provide a daily closing beyond July’s high. The bullish signals also gain support from firmer RSI conditions, not overbought.
However, the USD/CHF buyers seem to look for a sustained push beyond 0.9280 before challenging the 0.9300 threshold.
Also on their radar is the horizontal hurdle from March around 0.9320-25, a break of which will aim for the yearly peak, currently around 0.9470.
Alternatively, pullback moves may retest the resistance-turned-support line near 0.9255 but the pair’s further weakness will be challenged by an August high around 0.9240.
Additionally, multiple stops around the 0.9200 round figure and 200-day EMA near 0.9150 will also challenge the USD/CHF bears on their return.
USD/CHF: Daily chart
Trend: Further upside expected
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.