- USD/CHF edges higher around multi-day top after crossing July’s peak.
- Sustained trading above 0.9275 becomes necessary for bulls to keep reins.
- Two-month-old previous resistance challenges pullback moves, horizontal area comprising multiple tops since March lures bulls.
USD/CHF grinds to the north after refreshing the highest levels since April around 0.9275-80 during early Friday.
The Swiss currency (CHF) pair crossed an upward sloping trend line from July 20 the previous day to provide a daily closing beyond July’s high. The bullish signals also gain support from firmer RSI conditions, not overbought.
However, the USD/CHF buyers seem to look for a sustained push beyond 0.9280 before challenging the 0.9300 threshold.
Also on their radar is the horizontal hurdle from March around 0.9320-25, a break of which will aim for the yearly peak, currently around 0.9470.
Alternatively, pullback moves may retest the resistance-turned-support line near 0.9255 but the pair’s further weakness will be challenged by an August high around 0.9240.
Additionally, multiple stops around the 0.9200 round figure and 200-day EMA near 0.9150 will also challenge the USD/CHF bears on their return.
USD/CHF: Daily chart
Trend: Further upside expected
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