USD/CHF Price Analysis: Advances towards 1.0000 on perpendicular 20-EMA

A time correction in the asset price will resume its upside rally after a potential trigger.
The formation of Rising Wedge is advocating an upside break considering the broader context.
The RSI (14) is oscillating in a bullish range of 60.00-80.00

Sagar Dua FXStreet

The USD/CHF pair is hovering around Tuesday’s closing price at 0.9954 and is expected to continue its four-day winning streak led by a strong broader context. The asset has delivered a vertical upside move since the first trading session of April.

Despite the formation of a Rising Wedge chart pattern on a four-hour scale, the price action is not displaying any sign of exhaustion. Usually, a Rising Wedge depicts a bearish reversal on a downside break. However, the juggernaut move is betting over a resumption of the bullish momentum after a mild time correction.

The 20- and 50-period Exponential Moving Averages (EMAs) at 0.9906 and 0.9828 respectively are scaling sharply higher, which adds to the upside filters.

The Relative Strength Index (RSI) (14) is oscillating in a bullish range of 60.00-80.00, which signals more upside ahead.

Should the asset oversteps Tuesday’s high at 0.9975, the greenback bulls will send the asset towards the psychological resistance of 1.0000. A breach of the latter will drive the asset towards the 3 October 2019 at 1.0028.

On the flip side, a slippage below Monday’s low at 0.9890 will drag the asset towards the 4 May high at 0.9853, followed by the 50-EMA at 0.9828.

USD/CHF four-hour chart

USD/CHF

Overview
Today last price	0.9958
Today Daily Change	0.0020
Today Daily Change %	0.20
Today daily open	0.9938

Trends
Daily SMA20	0.9621
Daily SMA50	0.9426
Daily SMA100	0.9314
Daily SMA200	0.9262

Levels
Previous Daily High	0.9966
Previous Daily Low	0.9874
Previous Weekly High	0.9892
Previous Weekly Low	0.9707
Previous Monthly High	0.9759
Previous Monthly Low	0.9221
Daily Fibonacci 38.2%	0.9931
Daily Fibonacci 61.8%	0.9909
Daily Pivot Point S1	0.9886
Daily Pivot Point S2	0.9835
Daily Pivot Point S3	0.9795
Daily Pivot Point R1	0.9978
Daily Pivot Point R2	1.0018
Daily Pivot Point R3	1.0069

Author

Sagar Dua

FXStreet

Sagar Dua is associated with the financial markets from his college days. Along with pursuing post-graduation in Commerce in 2014, he started his markets training with chart analysis.

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