USD/CHF Price Analysis: Bulls defend critical support near 0.9110

USD/CHF prints minute gains on Monday in the initial Asian session.
Bulls remain hopeful near the multiple support formations around 0.9110.
Momentum oscillator adopts the wait-and-a-watch approach before aggressive bets.

Rekha Chauhan Independent Analyst

USD/CHF edges higher on the fresh trading week in the Asian trading hours. The pair hovers in a very close trading range of 10-pips with an upside momentum.

At the time of writing, USD/CHF is trading at 0.9115, up 0.03% for the day.

USD/CHF daily chart

On the daily chart, the USD/CHF pair has been consolidating near the 0.9110 support level with multiple bottom formations.

The descending trendline from the high of 0.9274 made on July 2 acts as defence for the bulls.

Being said that, If price moves higher, it could immediately test the 0.9140 horizontal resistance level.

The Moving Average Convergence Divergence (MACD) trades just above the midline with a neutral stance. Any uptick in the MACD would encourage the bulls to continue to march higher towards the 0.9275 horizontal resistance level.

A break of the bearish sloping line would see USD/CHF bulls to testify the 0.9200 psychological level.

If price starts moving lower, it could retest the 0.9080 horizontal support level.

Further, it could drop toward the low of August 6 at 0.9065, USD/CHF bears would seek the next target at the 0.9040 horizontal support level.

USD/CHF additional levels

USD/CHF

Overview
Today last price	0.9114
Today Daily Change	0.0001
Today Daily Change %	0.01
Today daily open	0.9113

Trends
Daily SMA20	0.9145
Daily SMA50	0.9165
Daily SMA100	0.9115
Daily SMA200	0.9077

Levels
Previous Daily High	0.92
Previous Daily Low	0.9106
Previous Weekly High	0.92
Previous Weekly Low	0.9106
Previous Monthly High	0.9274
Previous Monthly Low	0.904
Daily Fibonacci 38.2%	0.9142
Daily Fibonacci 61.8%	0.9164
Daily Pivot Point S1	0.9079
Daily Pivot Point S2	0.9046
Daily Pivot Point S3	0.8986
Daily Pivot Point R1	0.9173
Daily Pivot Point R2	0.9233
Daily Pivot Point R3	0.9266

Author

Rekha Chauhan

Independent Analyst

Rekha Chauhan has been working as a content writer and research analyst in the forex and equity market domain for over two years.

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