USD/CHF Price Analysis: Braces for further upside past 0.9200
- USD/CHF buyers flirt with the 200-HMA after crossing one-week-old descending triangle.
- Firmer RSI adds strength to the bullish bias, nine-month-old support adds to the downside filters.
USD/CHF struggles to justify descending triangle breakout above 0.9200 during early Monday morning in Europe.
That said, the Swiss currency (CHF) pair battles the 200-HMA level near 0.9210 by the press time.
Even so, upward sloping RSI, not overbought, joins the triangle breakout to keep USD/CHF buyers hopeful of witnessing further gains.
As a result, a run-up towards Wednesday’s swing low near 0.9240 appears imminent should the quote successfully clear the 200-HMA hurdle surrounding 0.9210.
Following that, tops marked during late February, around 0.9290 and 0.9280, will be in focus.
Alternatively, pullback moves need to decline below the triangle’s resistance line, near 0.9200, should trigger a fresh downside targeting the stated triangle’s support, close to 0.9165.
Following that, an upward sloping trend line from June 2021, near 0.9130, will lure the USD/CHF bears.
USD/CHF: Hourly chart
Trend: Further recovery expected
Author
Anil Panchal
FXStreet
Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.
