- August 12, 2020
- Posted by: Analysis Team
- Category: Forex News
- USD/CHF rises to one-week high on the break of horizontal line comprising March low.
- Bullish MACD adds strength to the breakout, 21-day SMA offers immediate resistance.
- Sellers wait for fresh entries unless the pair drops below 0.9130.
USD/CHF takes the bids to 0.9194, up 0.28% on a day, ahead of Wednesday’s European session. In doing so, the pair pierces a multi-month-old horizontal line amid bullish MACD.
21-day SMA level of 0.9220 appears on the buyers’ radar as nearby upside barrier before challenging the monthly top near 0.9245.
In a case where the bulls dominate past-0.9245, 0.9300 and July 09 low near 0.9360 could return to the charts.
On the downside, the pair’s declines below the resistance-turned-support, at 0.9180 highlights the return of 0.9130 and 0.9100 supports.
Though, the quote’s downside past-0.9100 will have to stop near 0.9050 before diverting the bears to 0.9000 psychological magnet.
USD/CHF DAILY CHART
Trend: Further recovery expected