USD/CHF Price Analysis: Pauses on the way to 0.9340 resistance
- USD/CHF grinds higher around five-week top, snaps two-day uptrend.
- Bullish MACD, sustained trading beyond 200-DMA keeps buyers hopeful.
- 50% Fibonacci retracement, yearly support line add to the downside filters.
USD/CHF seesaws around 0.9300 following a two-day run-up towards the highest levels last seen on October 13.
In doing so, the quote clings to 23.6% Fibonacci retracement (Fibo.) of January-April upside during early Wednesday.
Given the quote’s ability to stay past the 200-DMA amid the bullish MACD signals, buyers aim for the descending resistance line from April, around 0.9340.
However, any further upside will need validation from September’s peak of 0.9368 before challenging the yearly top surrounding 0.9475.
Meanwhile, pullback moves may target July’s top of 0.9274 and August month’s high near 0.9240 ahead of the 200-DMA level of 0.9165.
In a case where the USD/CHF bears keep reins past 0.9165, 50% Fibo. will precede an ascending support line from January, respectively around 0.9115 and 0.9100, to challenge the pair’s further weakness.
USD/CHF: Daily 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.
