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- USD/CHF Price Analysis: Steady around 0.9250 but bulls stay hopeful
USD/CHF Price Analysis: Steady around 0.9250 but bulls stay hopeful
- USD/CHF remains mildly bid, stays inside monthly ascending triangle.
- Seven-week-old support line acts as extra support, RSI conditions hint at trend continuation.
USD/CHF remains firmer around 0.9245, 0.08% intraday ahead of Wednesday’s European session.
The Swiss currency (CHF) pair rises for the second consecutive day while staying inside a short-term ascending triangle bearish chart pattern.
However, a steady RSI line and additional support in the form of an upward sloping trend line from November challenge the bears.
That said, the quote’s latest advances may aim for the stated triangle’s resistance line, near 0.9275 at the latest.
Should USD/CHF buyers cross the 0.9275 hurdle, a horizontal line from November 17, close to 0.9325 and November’s peak of 0.9373 will be in focus.
Alternatively, the stated triangle’s support line and an ascending trend line from November 01, respectively around 0.9195 and 0.9170, will challenge the quote’s short-term declines.
In a case where USD/CHF prices drop below 0.9170, the pair becomes vulnerable to drop towards the last monthly low of 0.9088.
USD/CHF: Four-hour chart
Trend: Further advances expected
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