USD/CHF Price Analysis: Depicts another attempt to cross 0.8990 resistance
- USD/CHF picks up bids to refresh intraday high, extends previous recovery.
- Upbeat oscillators, sustained trading beyond 200-HMA favor Swiss Franc sellers.
- One-month-old descending resistance line, nearly overbought RSI conditions prod pair buyers.
- Sellers need validation from the fortnight-long ascending support line.
USD/CHF renews intraday high near 0.8970 as it extends the previous day’s recovery moves heading into Wednesday’s European session.
In doing so, the Swiss Franc (CHF) pair cheers sustained trading above the 200-Hour Moving Average (HMA) amid bullish MACD signals and upbeat RSI (14), not overbought. However, the RSI (14) has limited room towards the north before hitting the overbought territory, which in turn highlights a downward-sloping resistance line from April 19, close to 0.8990 at the latest, as the short-term key resistance.
In a case where the USD/CHF remains firmer past 0.8990, the April 19 high of around 0.9000 and April 10 peak of near 0.9135 could challenge the pair buyers before directing them to the previous monthly top surrounding the 0.9200 round figure.
Meanwhile, USD/CHF pullback moves remain elusive unless it breaks the 200-HMA support of 0.8925.
Even if the Swiss Franc (CHF) pair breaks the 0.8925 HMA support, an upward-sloping support line from May 04, near 0.8920 at the latest, will act as an extra filter towards the south.
If at all, the USD/CHF weakness past 0.8920 could direct the bears toward the monthly low of 0.8820.
Overall, USD/CHF remains on the bull’s radar even if there prevails a little room on the upside.
USD/CHF: Hourly chart
Trend: Limited upside expected
Author
Anil Panchal
FXStreet
Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.
