USD/CHF Price Analysis: A break above 0.92 is what the bulls need right now

USD/CHF 4-hour chart

USD/CHF has broken back into the previous consolidation area below 0.92. The price is doing its best to push higher but this zone has been a formidable resistance in the past. Tomorrow the market will get the latest non-farm payroll result and that could inspire some volatility for some action in the pair. 

The market has continued to make higher highs and higher lows and the green upward sloping trendline could be the next support should the price continue to fall. 

The Relative Strength Index has made an interesting pattern. It is called a bullish failure swing, this is when the price makes a higher low but the Relative Strength Index makes a lower low wave. The indicator is currently hugging the oversold area and could push up at any time now. 

The MACD, however, is looking bearish as the histogram is in the red and the signal lines are also under the middle-point. The histogram bars are diminishing in size and there could be a break above soon. 

Overall the chart is still a bullish one and a break above 0.92 would confirm this. Over the next couple of sessions, the bulls would need a close above the black rectangle and then it could be a bullish trend again.

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