USD/CHF Price Analysis: Bulls struggle near the double top formation
- USD/CHF is in a consolation mood after moving continuously higher from the lows of 0.9142.
- Pair looks for additional gains if price decisively breaks 0.9260.
- Momentum oscillator holds onto the overbought zone with an upside bias.
USD/CHF extends the previous session’s gains on Friday in the Asian session. The pair confides in a very narrow trading range.
At the time of writing, USD/CHF is trading at 0.9262, up 0.06% for the day.
USD/CHF daily chart
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On the daily chart, the USD/CHF pair has formed a double top formation near the 0.6960 level, which resulted in a stalled movement for the previous two sessions.
If the pair sustains above 0.9260, it will allow bulls to test April 19 high at 0.9281.
The Relative Strength Index (MACD) indicator reads at 59, which indicates an underlying bullish tone.
In doing so, USD/CHF bulls would recoup 0.9300, the key psychological mark, last visible in early April. The next upside target could be the high made on April 7 in the vicinity of the 0.9320 level.
Alternatively, if price reverses direction, in that case, the first target for USD/CHF bears could be the 0.9250 horizontal support level.
The selling pressure could be intensified toward the 23.6% Fibonacci retracement level, which extends from the low of 0.8962, at 0.9180.
The next target for the bears is the low of June 28 at 0.9166.
USD/CHF additional levels
Author
Rekha Chauhan
Independent Analyst
Rekha Chauhan has been working as a content writer and research analyst in the forex and equity market domain for over two years.
