USD/CHF Pair Is Expecting Further Upside Movement
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- USD/CHF buyers struggle inside a bullish chart formation.
- Upbeat MACD signals suggest further advances, 200-HMA acts as an additional upside filter.
- Bears have a bumpy road to travel unless breaking 0.9300 support.
USD/CHF prints mild gains around 0.9360 even as the 50-Hour Moving Average (HMA) challenges the buyers during early Monday in Europe. In doing so, the Swiss Franc (CHF) pair justifies bullish MACD signals while staying inside a short-term falling wedge bullish chart pattern.
That said, the quote’s latest weakness becomes less troublesome beyond the stated wedge’s support line, around 0.9310 at the latest.
Even if the quote defies the bullish chart formation, by breaking the 0.9310 support, the 0.9300 round figure could act as an extra filter to the south before pleasing the USD/CHF bears.
In that case, lows marked during April and March around 0.9195 and 0.9150 respectively, will gain the major attention of the pair sellers.
Meanwhile, recovery moves need validation from the 50-HMA hurdle of 0.9365, a break of which could poke the stated wedge’s upper line, close to 0.9395 at the latest.
It should be noted that the USD/CHF run-up beyond 0.9395 should provide a clear break of the 200-HMA, around 0.9405 by the press time, to boost the buyer’s morale.
Following that, a rally towards the late November swing high around the 0.9600 threshold can’t be ruled out.
USD/CHF: Hourly chart
Trend: Further upside expected
