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.
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
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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
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.
