Search ForexCrunch
  • USD/CHF takes the bids near fresh seven-week high.
  • Bullish MACD, sustained break of 50-day EMA keeps the bulls hopeful.
  • Early-month top offers immediate support, major bears will stay away unless breaking the monthly support line.

USD/CHF rises to 0.9215, up 0.20% intraday, while heading into the European open on Wednesday. In doing so, the Swiss major refreshes the highest level since August 03 while also attacking a descending trend line from June 30.

Considering the bulls’ ability to successfully cross 50-day EMA, amid bullish MACD, USD/CHF prices are likely to stay positive.

Hence, further buying awaits a clear break of 0.9220 while targeting the August month’s peak surrounding 0.9240/45. Though, the 100-day EMA near 0.9300 may tame the pair’s additional upside.

On the downside, the September 08 top near 0.9200 and 50-day EMA level of 0.9181 can entertain short-term sellers ahead of the August 20 high close to 0.9160.

However, a major selling is likely unless USD/CHF trades above an upward sloping trend line from September 01, at 0.9080 now.

USD/CHF daily chart

Trend: Bullish