USD/CHF Price Analysis: Greenback off fresh 2020 highs, trades above 0.9800 figure

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  • USD/CHF bulls are keeping the market above the 0.9800 figure.
  • The rising wedge pattern can limit extra gains on USD/CHF. 
 

USD/CHF daily chart

 
USD/CHF is easing after hitting new 2020 highs this Friday. The quote is trading below the 100/200-day simple moving averages suggesting an overall bearish bias.
 

USD/CHF four-hour chart

 
The market broke above the 0.9800 figure and the rising wedge upper trendline. If bulls maintain the market above the 0.9800 figure it would be considered a bullish sign which can lead to further gains towards the 0.9830 and 0.9850 levels. On the flip side, a daily close below the 0.9800 figure could see a re-integration of the wedge with a potential decline towards the 0.9770 level. 
 
 
 
Resistance: 0.9830, 0.9850, 0.9870
Support: 0.9800, 0.9770, 0.9730
 

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