USD/CHF Price Analysis: Two-week-old resistance line on bulls' radar above 0.9150
|- USD/CHF extends recovery moves from multi-month low, keeps break of short-term resistance line to attack another.
- Bullish MACD favors the buyers; sellers still have a passage for return unless crossing the trend line resistance.
- Bulls can pierce 0.9200 on the upside break, bears can cheer downside past-0.9100.
USD/CHF takes the bids near 0.9161, up 0.38% on a day, while heading into the European open on Monday. The pair bounced off the lowest level since early-2015 on Friday. In doing so, it cleared a downward sloping trend line from July 22. The up-move gains support from bullish MACD to favor the buyers.
However, a descending trend line from July 17, at 0.9170 now, becomes the immediate upside barrier for the bulls to cross.
Should USD/CHF prices manage to rise past-0.9170, the July 28 top near 0.9230 will become their favorite ahead of attacking the early-July low near 0.9360.
Meanwhile, sellers may look for an entry on the quote’s slip below the resistance-turned-support, at 0.9100 now, which in turn opens the gate for the pair south-run to July month’s low near 0.9055.
Given the bears’ dominance below 0.9055, the return of the 0.9000 can’t be ruled out.
USD/CHF four-hour chart
Trend: Further recovery expected
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