USD/CHF extends its losses from the previous session and trades with a negative bias.
Above 0.9150, around the ascending trendline, bulls stay optimistic.
The momentum oscillator is skewed toward bearish momentum.
In the early Asian trading hours of Friday, the US dollar fell against the Swiss franc. Before making any directional bets, the pair trades in a small trading range and waits for confirmation.
The USD/CHF currency pair is currently trading at 0.9151, up 0.05 percent on the day.
Chart of the USD/CHF on a daily basis
The USD/CHF pair has rebounded strongly from its June 9 lows of 0.8926 on the daily chart. Before falling toward 0.9150, the pair retested the multi-month high near 0.9276.
Price might breach the rising trendline and test the 0.9120 horizontal support level if it breaks the session’s low.
With a bearish crossover, the Moving Average Convergence Divergence (MACD) is in an overbought zone. The reading implies that the key psychological level of 0.9100 has further room to fall.
USD/CHF bears would retest the June 17 low of 0.9075 if the daily close fell below 0.9100.
If the pair reverses direction, the 0.9175 horizontal resistance level could be the first target for USD/CHF bulls.
The bulls would next contract their muscles toward the 0.9200 horizontal resistance level, which would be followed by the 0.9233 high set on June 29./n
