USD/CHF Price Analysis: Bulls aim for key resistance confluence amid overbought RSI
- USD/CHF fizzles upside momentum while easing from intraday high of 0.9293.
- 100-day EMA, a falling trend line from June 11 probe buyers.
- Sellers may look for entries below August high.
USD/CHF eases from the day’s high to 0.9289 during early Monday. Sustained trading beyond August month’s peak portrays the pair’s ability to challenge a confluence of 100-day EMA and a 15-week-old resistance line. However, overbought RSI conditions question the bulls’ ability to extend the six-day winning-streak any longer than 0.9305.
It should additionally be noted that the USD/CHF buyers may have to cross the early July month’s low near 0.9365 and June month’s bottom of 0.9376 to mark their strength.
In doing so, the July high of 0.9467 will be in the spotlight before the key Fibonacci retracements of March-August downside.
Meanwhile, sellers may ways for entries unless the quote drops below the August month’s top surrounding 0.9240.
The September 08 high of 0.9200 and the monthly low close to 0.9050 are extra strong supports for USD/CHF sellers to watch past-0.9240.
USD/CHF daily chart
Trend: Pullback 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.
