USD/CHF Price Analysis: Buyers seek validation above 0.9220


  • USD/CHF extends the previous session’s momentum and prints minute gains on Tuesday.
  • The formation of multiple tops near the current level makes it’s a crucial level to trade.
  • MACD trades above midline indicates the underlying bullish sentiment.

USD/CHF trades cautiously on Tuesday in the initial Asian trading hours. The pair confides in a narrow trade band of less than 10-pips movement. 

At the time of writing, USD/CHF is trading at 0.9224, up 0.02% for the day.

USD/CHF daily chart

On the daily chart, the USD/CHF pair has been facing some strong resistance near 0.9240, the high touched in the previous session and on August 13. This constitutes a “ double top” formation, which is a bearish reversal pattern.

The sluggish price movement in today’s session suggests that bulls find it difficult to break the mentioned level. The being said, if the price manages to moves higher, it could immediately test the previous day’s high of 0.9241.

The Moving Average Convergence Divergence (MACD) trades just above the midline with a bullish stance. Any uptick in the MACD would encourage the bulls to take over the levels last seen in July and recapture the high made on 8 July at 0.9264.

Furthermore, USD/CHF bulls would likely to testify the 0.9285 horizontal resistance level. If the price starts moving lower, it could drop back to the 0.9200 psychological level.

Next, USD/CHF bears would seek the 23.6% Fibonacci retracement level at 0.9185 followed by the low made on September 10 at 0.9150.

USD/CHF additional levels

USD/CHF

Overview
Today last price 0.9222
Today Daily Change 0.0000
Today Daily Change % 0.00
Today daily open 0.9222
 
Trends
Daily SMA20 0.9162
Daily SMA50 0.9158
Daily SMA100 0.9114
Daily SMA200 0.9085
 
Levels
Previous Daily High 0.9241
Previous Daily Low 0.9176
Previous Weekly High 0.9235
Previous Weekly Low 0.9127
Previous Monthly High 0.9242
Previous Monthly Low 0.9019
Daily Fibonacci 38.2% 0.9216
Daily Fibonacci 61.8% 0.9201
Daily Pivot Point S1 0.9185
Daily Pivot Point S2 0.9148
Daily Pivot Point S3 0.912
Daily Pivot Point R1 0.925
Daily Pivot Point R2 0.9278
Daily Pivot Point R3 0.9316

 


 

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