USD/CHF Price Analysis: Bulls flirt near 0.9180 mark

USD/CHF prints minute gains on Friday in the initial Asian session.
Bulls remain hopeful above 50-day SMA at 0.9166.
Momentum oscillator adopts the wait-and-a-watch approach before aggressive bets.

Rekha Chauhan Independent Analyst

USD/CHF edges higher at the ending of the 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 0.918-, up 0.04 % for the day.

USD/CHF additional levels

On the daily chart, the USD/CHF pair has been facing strong resistance near 0.9180 with multiple top formations.
The descending trendline from the high of 0.9274 made on July 2 acts as a strong resistance barrier for the bulls.

Being said that, If price moves higher, it could immediately test the August 19 high at 0.9207.

A sustained move above the psychological 0.9200 mark, would extend the upside movement at the 0.9235 horizontal resistance level.

The Moving Average Convergence Divergence (MACD) trades just near the midline with a neutral stance. Any uptick in the MACD would encourage the bulls to continue to march higher towards July 7 high at 0.9267.

If price starts moving lower the 50-day Simple Moving Average (SMA) at 0.9166, it could retest the 0.9145 horizontal support level.

Further, it could drop toward the low of August 17 at 0.9099.

USD/CHF bears would seek the next target at the 0.9075 horizontal support level.

USD/CHF additional levels

USD/CHF

Overview
Today last price	0.9179
Today Daily Change	0.0002
Today Daily Change %	0.02
Today daily open	0.9177

Trends
Daily SMA20	0.9142
Daily SMA50	0.9167
Daily SMA100	0.9117
Daily SMA200	0.9077

Levels
Previous Daily High	0.9192
Previous Daily Low	0.9126
Previous Weekly High	0.9207
Previous Weekly Low	0.91
Previous Monthly High	0.9274
Previous Monthly Low	0.904
Daily Fibonacci 38.2%	0.9167
Daily Fibonacci 61.8%	0.9151
Daily Pivot Point S1	0.9138
Daily Pivot Point S2	0.9099
Daily Pivot Point S3	0.9072
Daily Pivot Point R1	0.9204
Daily Pivot Point R2	0.9231
Daily Pivot Point R3	0.927

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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