USD/CHF Price Analysis: Ready for a bumpy north-run, 0.9100 guards immediate upside

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  • USD/CHF trims early Asian losses to revisit 0.9060-65 region.
  • Upbeat MACD, bullish chart patterns favor the buyers.
  • Upper line of the 10-week-old rising channel tests short-term bulls before immediate ascending channel and 200-day SMA.
  • Bears need to defy multiple channels, refresh monthly low to retake controls.

USD/CHF picks up bids around 0.9060 while heading into Friday’s European session. In doing so, the Swiss currency pair attacks the familiar region surrounding the intraday high amid bullish MACD.

A sustained upside clearance of the early-month top joins bullish MACD and two ascending trend channels to back the USD/CHF buyers.

However, the road to the north has many speed-breakers wherein the resistance line of the longer channel, at 0.9100 now, restricts the quote’s nearby rise.

Even if the USD/CHF bulls manage to cross 0.9100, life won’t be easy as the upper limit of the two-week-old ascending channel and 200-day SMA, respectively around 0.9115 and 0.9135 respectively, will challenge the further upside.

Alternatively, short-term sellers will seek a clear break of 0.9040, comprising the early month top, to challenge immediate channel’s support, currently around 0.8990. However, the USD/CHF bears won’t be serious until the quote drops below the multi-week-old rising channel’s lower line, at 0.8900 now. Also acting as a downside filter is the monthly low near 0.8870.

Overall, USD/CHF remains on the firm footing but the upside moves are likely to be capped.

USD/CHF daily chart

Trend: Gradual upside expected

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