USD/CHF Price Analysis: Wednesday’s bullish engulfing suggests scope for a rise to 0.95

USD/CHF's daily chart shows a bullish candlestick pattern and RSI divergence.
A move to 0.95 could be in the offing.

Omkar Godbole FXStreet Contributor

USD/CHF is trading at 0.9453 at press time.

The pair created a bullish engulfing candle on Wednesday, confirming a reversal higher from the downtrend from the March high of 0.9902.

Similar sentiments are being echoed by the bullish divergence of the 14-day relative strength index.

As such, one may expect the pair to challenge the psychological resistance of 0.95, which if breached, would expose the 50-day simple moving average 9SMA), currently located at 0.9551.

The bullish bias would be invalidated if the spot finds acceptance under Wednesday’s low of 0.9438.

Daily chart

Trend: Bullish

Technical Levels

USD/CHF

Overview
Today last price	0.9454
Today Daily Change	0.0010
Today Daily Change %	0.11
Today daily open	0.9444

Trends
Daily SMA20	0.9453
Daily SMA50	0.9558
Daily SMA100	0.9603
Daily SMA200	0.9713

Levels
Previous Daily High	0.9458
Previous Daily Low	0.937
Previous Weekly High	0.9456
Previous Weekly Low	0.9362
Previous Monthly High	0.9651
Previous Monthly Low	0.9376
Daily Fibonacci 38.2%	0.9424
Daily Fibonacci 61.8%	0.9404
Daily Pivot Point S1	0.939
Daily Pivot Point S2	0.9337
Daily Pivot Point S3	0.9303
Daily Pivot Point R1	0.9478
Daily Pivot Point R2	0.9511
Daily Pivot Point R3	0.9565

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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