USD/CHF Price Analysis: Wednesday’s bullish engulfing suggests scope for a rise to 0.95
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- USD/CHF's daily chart shows a bullish candlestick pattern and RSI divergence.
- A move to 0.95 could be in the offing.
USD/CHF is trading at 0.9453 at press time.
The pair created a bullish engulfing candle on Wednesday, confirming a reversal higher from the downtrend from the March high of 0.9902.
Similar sentiments are being echoed by the bullish divergence of the 14-day relative strength index.
As such, one may expect the pair to challenge the psychological resistance of 0.95, which if breached, would expose the 50-day simple moving average 9SMA), currently located at 0.9551.
The bullish bias would be invalidated if the spot finds acceptance under Wednesday’s low of 0.9438.
Daily chart
Trend: Bullish
Technical Levels
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