USD/CHF Price Analysis: Looks to 0.9300 on confirming nearby falling wedge

USD/CHF picks up bids to refresh intraday high, snaps two-day downtrend.
MACD backs confirmation of bullish chart pattern, three-day-old horizontal hurdle in focus.
200-HMA joins 50% Fibonacci retracement level to challenge bears.

Anil Panchal FXStreet

USD/CHF holds onto the first daily gains in three near the intraday top surrounding 0.9270 during early Friday.

The Swiss currency (CHF) pair’s latest run-up could be linked to its ability to cross the two-day-old descending trend line, which in turn confirms a short-term bullish chart formation called a falling wedge.

With the bullish MACD signals joining falling wedge confirmation, USD/CHF traders are up for further advances towards a horizontal area comprising multiple levels marked since Tuesday, near 0.9300.

Following that, the monthly high near 0.9330 and September’s peak close to 0.9370 will be in focus.

Alternatively, pullback moves will aim for the resistance-turned-support line close to 0.9265 before directing the USD/CHF sellers towards 38.2% Fibonacci retracement of November 10-17 upside, surrounding 0.9245.

If at all the pair drops below 0.9245, a convergence of 200-HMA and 50% Fibo. near 0.9215, will become a tough nut to crack for the bears.

USD/CHF: Hourly chart

Trend: Further upside expected

Additional important levels

Overview
Today last price	0.9269
Today Daily Change	0.0016
Today Daily Change %	0.17%
Today daily open	0.9253

Trends
Daily SMA20	0.9179
Daily SMA50	0.9225
Daily SMA100	0.9192
Daily SMA200	0.9167

Levels
Previous Daily High	0.9292
Previous Daily Low	0.9251
Previous Weekly High	0.9238
Previous Weekly Low	0.9102
Previous Monthly High	0.9338
Previous Monthly Low	0.9106
Daily Fibonacci 38.2%	0.9267
Daily Fibonacci 61.8%	0.9276
Daily Pivot Point S1	0.9239
Daily Pivot Point S2	0.9224
Daily Pivot Point S3	0.9198
Daily Pivot Point R1	0.928
Daily Pivot Point R2	0.9306
Daily Pivot Point R3	0.9321

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.

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