- USD/CHF edges higher in the Asian session.
- More upside likely if price moves beyond 50-hour SMA.
- Oversold momentum oscillator indicates upward bias.
The USD/CHF is moving higher on Thursday. The Pair refreshes the daily highs near 0.8980 in a fresh attempt to extend gains further.
At the time of writing, the USD/CHF pair is trading at 0.8985, up 0.07% for the day.
USD/CHF 4-hour chart
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On the 4-hour chart, the pair has extended the gains from the lows of 0.8930 and is consolidating near the 0.8980 level. The multiple top formations make it a crucial level to trade.
If price moves beyond the 50-hour Simple Moving Average (SMA) where the price is currently residing, then it has the potential to reach the 0.9000 horizontal resistance level.
The Moving Average Convergence Divergence (MACD) indicator trades below the midline with a bullish crossover. Any uptick in the oscillator would bring more buying opportunities near the 0.9020 horizontal resistance level followed by the May 19 high at 0.9047.
Alternatively, if price failed to hold onto the 0.8980 mark, then it could retest the 0.8960 support-turned-resistance. It would mark the continuation of the long term downward trend, with the previous day’s low at 0.8941 as the next support level.
The break of the above mentioned support level would drag price toward the level last seen in February, with the possibility of 0.8920 for USD/CHF bears (February 17 low).
USD/CHF Additioanl Levels
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