USD/CHF Price Analysis: Bulls remain in control near 0.9190


  • USD/CHF locks in some gains in the early European session.
  • Pair looks for additional gains, stays comfortable above 20-hour SMA.
  • Momentum oscillators hold onto overbought zone and adopt a wait-and-watch approach.

USD/CHF edges higher on Tuesday morning in the initial European trading hours. The pair moves in a close trading range with almost 10 pips movement and awaits confirmation before any directional bet.

At the time of writing, USD/CHF is trading at 0.9190, up 0.10% for the day.

USD/CHF 4-hour chart

On the 4-hour chart, the pair has been well supported above the 20-hour Simple Moving Average (SMA) at 0.9185. The upward trendline from the low of 0.8981 remains defensive for the bulls.

If the pair sustains above the session’s high at 0.9196,  then it has the potential to move back to the 0.9220 horizontal resistance level.

The Moving Average Convergence Divergence (MACD) indicator trades in an overbought zone, with a bearish crossover. As per the formation, price has retracted from the highs of 0.9230 to the lows of 0.9176. Any uptick in the MACD could prompt USD/CHF bulls to retest the previous day’s high in the vicinity of 0.9240 area.

The price action would then open the gates for the levels last seen in April. The bulls would capture the high of April 15 at 0.9246.

Alternatively, if price reverses direction, then the first target for USD/CHF bears could be the previous day’s low at 0.9175 followed by the 0.9140 horizontal support area.

Next, the market participants would set their eyes on the 0.9100 key psychological mark.

USD/CHF additional levels

USD/CHF

Overview
Today last price 0.9193
Today Daily Change 0.0015
Today Daily Change % 0.16
Today daily open 0.9178
 
Trends
Daily SMA20 0.9017
Daily SMA50 0.9065
Daily SMA100 0.9122
Daily SMA200 0.907
 
Levels
Previous Daily High 0.9237
Previous Daily Low 0.9175
Previous Weekly High 0.9239
Previous Weekly Low 0.8966
Previous Monthly High 0.9165
Previous Monthly Low 0.893
Daily Fibonacci 38.2% 0.9199
Daily Fibonacci 61.8% 0.9214
Daily Pivot Point S1 0.9157
Daily Pivot Point S2 0.9135
Daily Pivot Point S3 0.9095
Daily Pivot Point R1 0.9219
Daily Pivot Point R2 0.9259
Daily Pivot Point R3 0.928

 


 

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