USD/CHF Price Analysis: Bulls remain in control near 0.8990

USD/CHF locks in some gains in the early European session.
Pair looks for additional gains, stays comfortably above 50-hour SMA.
Momentum oscillator hints at upside momentum.

Rekha Chauhan Independent Analyst

The USD/CHF edges higher in the initial European trading hours. The pair moves in a close trading range and awaits some confirmation before any directional bet.

At the time of writing, USD/CHF trades at 0.8983, up 0.08% for the day.

USD/CHF 4-hour chart

On the 4-hour chart, the pair has been well supported above the 5-hour Simple Moving Average (SMA) at 0.8977. USD/CHF makes higher lows formation beginning from the 0.8930, where highs are consolidated near the 0.9000 mark.

If the pair sustains above the session’s high at 0.8986, then it has the potential to move back to the 0.9000 key psychological level.

The Relative Strength Index (RSI) reads at 50. The reading suggests that there is room for further upside to the horizontal resistance level at 0.9020 followed by the previous day's high at 9024.

Alternatively, if price reverses direction, then the first target for USD/CHF bears could be the previous day’s low at 0.8967 followed by the June 1 low in the vicinity of 0.8945 area.

In doing so, the pair would test the rising trendline. The selling pressure would be intensified toward May 25 low at 0.8930 if price decisively breaks the trendline.

USD/CHF Additional Levels

USD/CHF

Overview
Today last price	0.8984
Today Daily Change	0.0005
Today Daily Change %	0.06
Today daily open	0.8979

Trends
Daily SMA20	0.9006
Daily SMA50	0.9146
Daily SMA100	0.9103
Daily SMA200	0.9074

Levels
Previous Daily High	0.9024
Previous Daily Low	0.8967
Previous Weekly High	0.903
Previous Weekly Low	0.893
Previous Monthly High	0.9165
Previous Monthly Low	0.893
Daily Fibonacci 38.2%	0.9003
Daily Fibonacci 61.8%	0.8989
Daily Pivot Point S1	0.8956
Daily Pivot Point S2	0.8933
Daily Pivot Point S3	0.8898
Daily Pivot Point R1	0.9013
Daily Pivot Point R2	0.9048
Daily Pivot Point R3	0.9071

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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