USD/CHF Price Analysis: Pressing into psychological hurdle at 0.98

USD/CHF's daily chart shows an inverse head-and-shoulders breakout.
Other key indicators are also reporting bullish bias.
The odds appear stacked in favor of a break above 0.98.

Omkar Godbole FXStreet Contributor

USD/CHF is better bid at press time and looks to cross the psychological resistance at 0.98 with the daily chart reporting bullish conditions.

To start with, the inverse head-and-shoulders breakout confirmed earlier this week has created room for a rally to 0.9907 (target as per the measured move method).

Backing the bullish reversal pattern is the above-50 reading on the 14-day relative strength. Additionally, the 10-day average has crossed above the 50-day average, a sign of strengthening bullish momentum.

The bullish case would weaken if the spot drops below the Feb. 12 low of 0.9741, invalidating the higher lows setup.

Daily chart

Trend: Bullish

Technical levels

USD/CHF

Overview
Today last price	0.9797
Today Daily Change	0.0003
Today Daily Change %	0.03
Today daily open	0.9794

Trends
Daily SMA20	0.9717
Daily SMA50	0.9744
Daily SMA100	0.9836
Daily SMA200	0.9866

Levels
Previous Daily High	0.9796
Previous Daily Low	0.976
Previous Weekly High	0.9782
Previous Weekly Low	0.9629
Previous Monthly High	0.9768
Previous Monthly Low	0.9613
Daily Fibonacci 38.2%	0.9782
Daily Fibonacci 61.8%	0.9774
Daily Pivot Point S1	0.9771
Daily Pivot Point S2	0.9748
Daily Pivot Point S3	0.9735
Daily Pivot Point R1	0.9806
Daily Pivot Point R2	0.9819
Daily Pivot Point R3	0.9842

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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