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- USD/CHF Price Analysis: Pares daily gains inside bullish pennant near 0.9250
USD/CHF Price Analysis: Pares daily gains inside bullish pennant near 0.9250
- USD/CHF fades bounce off intraday low inside two-day-old bullish chart pattern.
- Firmer RSI, sustained trading beyond 200-SMA keeps buyers hopeful.
- One-month-old horizontal resistance area offers an extra hurdle to the north.
USD/CHF struggles to extend the previous week’s stellar gains, easing towards 0.9250 during early Monday morning in Europe.
In doing so, the Swiss currency (CHF) pair seesaws inside a bullish pennant chart pattern suggesting further upside of the quote until it stays beyond 0.9255 support.
Although a downside break of 0.9255 will negate the bullish chart pattern, the 200-SMA and February’s bottom, respectively around 0.9210 and 0.9150, will challenge USD/CHF bears.
Meanwhile, an upside clearance of 0.9285 will confirm the bullish pennant, theoretically activating an up-move targeting 0.9350.
However, the monthly horizontal area and January 31 swing high, close to 0.9285-90 and 0.9345 in that order, will challenge USD/CHF buyers during the anticipated run-up.
Overall, USD/CHF is likely to extend the previous week’s upside momentum as bulls seek a clear break of 0.9290.
USD/CHF: Four-hour chart
Trend: Further upside expected
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