USD/CHF Price Analysis: Bulls take a breather above 0.9200 but not out of the woods


  • USD/CHF pauses five-day uptrend near the early July tops.
  • Firmer RSI, sustained break of four-month-old resistance, now support, back the bulls.
  • Horizontal area from April adds to the downside filters.
  • July tops hold the key to further advances targeting the yearly high.

USD/CHF edges higher around 0.9230 as Asian traders braces for shifting controls to the West on Wednesday.

Even so, the Swiss currency (CHF) pair keeps the previous day’s upside break of a descending resistance line from early April amid a firmer RSI line, not oversold, which in turn keeps the quote poised for further upside.

It’s worth noting that a daily closing beyond 0.9235 will be necessary for the USD/CHF bulls before they confront the 61.8% Fibonacci retracement of April–June downside and July’s top, respectively around 0.9270.

If at all the quote remains firmer past 0.9270, the 0.9300 threshold and April’s peak near 0.9475 will be the key to follow.

Meanwhile, pullback moves need to stay below the previous resistance line, near 0.9190, to retest the 0.9135–30 horizontal support zone.

However, the mid-May top surrounding 0.9090 and the monthly low close to 0.9020 will challenge any further weakness.

USD/CHF: Daily chart

Trend: Bullish

Additional important levels

Overview
Today last price 0.9228
Today Daily Change 0.0000
Today Daily Change % 0.00%
Today daily open 0.9228
 
Trends
Daily SMA20 0.914
Daily SMA50 0.9129
Daily SMA100 0.9142
Daily SMA200 0.9074
 
Levels
Previous Daily High 0.9234
Previous Daily Low 0.9195
Previous Weekly High 0.9156
Previous Weekly Low 0.9019
Previous Monthly High 0.9274
Previous Monthly Low 0.904
Daily Fibonacci 38.2% 0.9219
Daily Fibonacci 61.8% 0.921
Daily Pivot Point S1 0.9204
Daily Pivot Point S2 0.918
Daily Pivot Point S3 0.9165
Daily Pivot Point R1 0.9244
Daily Pivot Point R2 0.9259
Daily Pivot Point R3 0.9283

 

 

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