USD/CHF Price Analysis: Further upside hinges on 0.9160 breakout
- USD/CHF remains sidelined around intraday high, defends two-week-old resistance break.
- Firmer Momentum line, sustained trading beyond 200-HMA favor buyers.
- Fortnight-long descending resistance line guards immediate upside moves.
USD/CHF grinds higher around 0.9155, up 0.09% intraday heading into Tuesday’s European session.
In doing so, the Swiss currency (CHF) pair holds onto the previous day’s upside break of a two-week-long resistance break, now support around 0.9150.
Also keeping USD/CHF buyers hopeful is the pair’s successful trading above the 200-HMA and firmer Momentum line.
Even so, a descending resistance line from January 12, around 0.9160, restricts the quote’s nearby advances.
Should USD/CHF buyers manage to cross the 0.9160 hurdle, an upside momentum towards Thursday’s peak near 0.9180 can’t be ruled out.
On the contrary, a downside break of 0.9150 will drag the quote back to the 200-HMA level of 0.9141 but any further declines won’t hesitate to recall the USD/CHF bears.
Following that, the 0.9100 threshold and the monthly low of 0.9092 will be in focus ahead of November 2021 trough surrounding 0.9088.
USD/CHF: Hourly chart
Trend: Further upside expected
Author
Anil Panchal
FXStreet
Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.
