USD/CHF Price Analysis: Bulls look firmer after a minor pullback towards 0.9280

The USD/CHF pair has violated the trendline placed from February 10 highs of 0.9297 decisively after trading back and forth in a wide range of 0.9150-0.9297. In the early Tokyo session, the major has opened near Tuesday’s closing price and is aiming to scale higher amid a broad risk-off impulse.

On the four-hour chart, USD/CHF has managed to overstep the trendline placed from February 10 highs of 0.9297, which is adjoining the February 24 high at 0.9289. The pair has given a breakout above the trendline, which is followed by a pullback near the surface of the trendline at 0.9280.

The 50-period and 200-period Exponential Moving Averages are trading at 0.9225 and 0.9217 respectively, have delivered a bullish crossover, which adds to the upside filters.

Meanwhile, the Relative Strength Index (RSI) (14) has reported a range shift from 40.00-60.00 to 60.00-80.00, which indicates a fresh impulsive wave going forward.

As the major has witnessed a pullback towards the trendline at 0.7280, it is more likely that the pair will drift higher towards the January 28 high at 0.9330. A breach of the latter will send the pair towards January 31 high at 0.9343.

On the contrary, bulls can lose their grip if the major skids below March 8 low at 0.9250. This will bring significant offers and may hammer the pair towards March 7 average traded price at 0.9230 and 200 EMA at 0.9217.

USD/CHF four-hour chart