In the Asian session, the USD/CHF continues its prior session gain.
If price decisively breaks 0.9210, the pair looks for more gains.
The momentum oscillator is skewed toward bulls.
In the Asian session on Wednesday, the USD/CHF shows minor advances. Before making any directional bets, the pair is moving within a tight trading range.
The USD/CHF currency pair is currently trading at 0.9211, up 0.01 percent on the day.
The USD/CHF pair has been stabilizing in the region of 0.9170 and 0.9235 on the daily chart for the past two weeks. USD/CHF jumped rapidly from its low of 0.8967 on June 15 to a multi-month high near 0.9240.
If the pair maintains its position above the session’s high of 0.9212, it could return to the previous day’s high in the 0.9240 range.
The MACD (Moving Average Convergence Divergence) indicator is safely above the midpoint. The reading implies that there is still room for more upward to the 0.9250 horizontal resistance level, which is followed by the 0.9281 high from April 9.
Alternatively, if price reverses, the initial target for USD/CHF bears might be the previous day’s low of 0.9189.
The pair would then test the horizontal support level of 0.9150. If it closes below the 100-day Simple Moving Average (SMA) at 0.9137, selling pressure will increase toward the June 17 low of 0.9075.
Continue reading
