- 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.
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
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended content
Editors’ Picks
EUR/USD stabilizes near 1.0800 as trading action turns subdued
EUR/USD holds steady near 1.0800 on Thursday and remains on track to end the day in negative territory following upbeat macroeconomic data releases from the US. The action in financial markets turn subdued as trading volumes thin out heading into Easter holiday.
GBP/USD extends sideways grind above 1.2600
GBP/USD fluctuates in a narrow channel above 1.2600 on Thursday. The better-than-expected Initial Jobless Claims data from the US and the upward revision to the Q4 GDP growth help the USD stay resilient against its rivals and limits the pair's upside.
Gold pulls away from daily highs, holds above $2,200
Gold retreats from daily highs but holds comfortably above $2,200 in the American session on Thursday. The benchmark 10-year US Treasury bond yield stays near 4.2% after upbeat US data and makes it difficult for XAU/USD to gather further bullish momentum.
XRP price falls to $0.60 support as Ripple ruling doesn’t help Coinbase lawsuit against SEC
XRP programmatic sales ruling by Judge Torres was completely rejected by another US Court that ruled in favor of the SEC in a lawsuit against Coinbase.
Portfolio rebalancing and reflation trades emerge into Q2
Yesterday’s price action pointed at a possible end-of-quarter portfolio rebalancing as the session saw the laggards of the quarter like Apple and Tesla gain, and the stars like Microsoft and Nvidia retreat.