USD/CHF Price Analysis: On the way to 0.9368-75 resistance region

USD/CHF grinds higher around two-month top, pokes resistance line from April.
Bullish MACD signals, higher-high formation favor buyers.
Two-week-old support line restricts immediate downside, multiple hurdles from March challenge further upside.

Anil Panchal FXStreet

USD/CHF seesaws around 0.9340, after an uptick to refresh multi-day top during early Wednesday. In doing so, the Swiss currency (CHF) pair buyers flirt with a descending trend line from April amid bullish MACD signals.

Given the recent higher highs favoring the upside momentum, USD/CHF is up for further advances targeting a nearly nine-month-old horizontal area surrounding 0.9368-75. However, a daily closing past 0.9340 is necessary for the same.

Although the pair buyers are likely to take a rest around 0.9375, failing to do so will direct the quote towards the 0.9400 threshold and the yearly peak of 0.9472.

Alternatively, an ascending support line from November 10, near the 0.9300 round figure, restricts short-term pullback of the USD/CHF.

Even if the pair drops below 0.9300, July’s high close to 0.9275 and last week’s swing low around 0.9250 will challenge the bears.

USD/CHF: Daily chart

Trend: Further upside expected

Additional important levels

Overview
Today last price	0.9339
Today Daily Change	0.0007
Today Daily Change %	0.08%
Today daily open	0.9332

Trends
Daily SMA20	0.9198
Daily SMA50	0.9232
Daily SMA100	0.9195
Daily SMA200	0.9173

Levels
Previous Daily High	0.9344
Previous Daily Low	0.9301
Previous Weekly High	0.933
Previous Weekly Low	0.9187
Previous Monthly High	0.9338
Previous Monthly Low	0.9106
Daily Fibonacci 38.2%	0.9328
Daily Fibonacci 61.8%	0.9318
Daily Pivot Point S1	0.9307
Daily Pivot Point S2	0.9283
Daily Pivot Point S3	0.9264
Daily Pivot Point R1	0.9351
Daily Pivot Point R2	0.9369
Daily Pivot Point R3	0.9394

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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