- USD/CHF holds onto recovery gains from 0.9275 inside a bullish chart pattern.
- One-month-old support line adds to the downside filters as MACD flirts with buyers.
- Confirmation of bullish chart can recall April 2020 levels.
USD/CHF picks up bids to 0.9300, up 0.13% intraday during the pre-European session trading on Monday. In doing so, the quote remains positive inside a short-term bullish flag technical formation.
Other than the upbeat chart patterns, MACD’s receding bearish bias and an upward sloping support line from mid-February also favor USD/CHF buyers.
However, a clear break of 0.9315 becomes necessary to confirm the pair’s run-up towards April 2020 levels surrounding 0.9800
During the rise, tops marked in late June and July, respectively around 0.9470 and 0.9530, should test the USD/CHF bulls.
Meanwhile, a downside break of the stated pattern’s support line, at 0.9223 now, will need to break the short-term support line surrounding 0.9185 to recall USD/CHF sellers.
Following that, February 2021 peak near 0.9100 may regain the market’s attention.
USD/CHF four-hour chart
Trend: Bullish
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