USD/CHF Price Analysis: 50-HMA probes bulls inside falling wedge


  • USD/CHF buyers struggle inside a bullish chart formation.
  • Upbeat MACD signals suggest further advances, 200-HMA acts as an additional upside filter.
  • Bears have a bumpy road to travel unless breaking 0.9300 support.

USD/CHF prints mild gains around 0.9360 even as the 50-Hour Moving Average (HMA) challenges the buyers during early Monday in Europe. In doing so, the Swiss Franc (CHF) pair justifies bullish MACD signals while staying inside a short-term falling wedge bullish chart pattern.

That said, the quote’s latest weakness becomes less troublesome beyond the stated wedge’s support line, around 0.9310 at the latest.

Even if the quote defies the bullish chart formation, by breaking the 0.9310 support, the 0.9300 round figure could act as an extra filter to the south before pleasing the USD/CHF bears.

In that case, lows marked during April and March around 0.9195 and 0.9150 respectively, will gain the major attention of the pair sellers.

Meanwhile, recovery moves need validation from the 50-HMA hurdle of 0.9365, a break of which could poke the stated wedge’s upper line, close to 0.9395 at the latest.

It should be noted that the USD/CHF run-up beyond 0.9395 should provide a clear break of the 200-HMA, around 0.9405 by the press time, to boost the buyer’s morale.

Following that, a rally towards the late November swing high around the 0.9600 threshold can’t be ruled out.

USD/CHF: Hourly chart

Trend: Further upside expected

Additional important levels

Overview
Today last price 0.936
Today Daily Change 0.0010
Today Daily Change % 0.11%
Today daily open 0.935
 
Trends
Daily SMA20 0.945
Daily SMA50 0.9737
Daily SMA100 0.9692
Daily SMA200 0.9647
 
Levels
Previous Daily High 0.9382
Previous Daily Low 0.9312
Previous Weekly High 0.9456
Previous Weekly Low 0.9312
Previous Monthly High 1.0148
Previous Monthly Low 0.9357
Daily Fibonacci 38.2% 0.9339
Daily Fibonacci 61.8% 0.9355
Daily Pivot Point S1 0.9314
Daily Pivot Point S2 0.9278
Daily Pivot Point S3 0.9244
Daily Pivot Point R1 0.9384
Daily Pivot Point R2 0.9418
Daily Pivot Point R3 0.9454

 

 

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