USD/CHF Price Analysis: Bullish flag on 4H keeps buyers hopeful

USD/CHF holds onto recovery gains from 0.9275 inside a bullish chart pattern.
One-month-old support line adds to the downside filters as MACD flirts with buyers.
Confirmation of bullish chart can recall April 2020 levels.

Anil Panchal FXStreet

USD/CHF picks up bids to 0.9300, up 0.13% intraday during the pre-European session trading on Monday. In doing so, the quote remains positive inside a short-term bullish flag technical formation.

Other than the upbeat chart patterns, MACD’s receding bearish bias and an upward sloping support line from mid-February also favor USD/CHF buyers.

However, a clear break of 0.9315 becomes necessary to confirm the pair’s run-up towards April 2020 levels surrounding 0.9800

During the rise, tops marked in late June and July, respectively around 0.9470 and 0.9530, should test the USD/CHF bulls.

Meanwhile, a downside break of the stated pattern’s support line, at 0.9223 now, will need to break the short-term support line surrounding 0.9185 to recall USD/CHF sellers.

Following that, February 2021 peak near 0.9100 may regain the market’s attention.

USD/CHF four-hour chart

Trend: Bullish

Additional important levels

Overview
Today last price	0.9295
Today Daily Change	8 pips
Today Daily Change %	0.09%
Today daily open	0.9287

Trends
Daily SMA20	0.9127
Daily SMA50	0.899
Daily SMA100	0.8996
Daily SMA200	0.9117

Levels
Previous Daily High	0.9325
Previous Daily Low	0.9238
Previous Weekly High	0.9376
Previous Weekly Low	0.9234
Previous Monthly High	0.9102
Previous Monthly Low	0.8871
Daily Fibonacci 38.2%	0.9292
Daily Fibonacci 61.8%	0.9272
Daily Pivot Point S1	0.9242
Daily Pivot Point S2	0.9197
Daily Pivot Point S3	0.9155
Daily Pivot Point R1	0.9329
Daily Pivot Point R2	0.937
Daily Pivot Point R3	0.9416

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.

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