USD/CHF Price Analysis: Bulls remain cautious before crossing four-month-old resistance
- USD/CHF seesaws in a choppy range between 0.9170 and 0.9185.
- Overbought RSI favors the pair’s further pullback from the early 2015 lows.
- A descending trend line from March 27, 21-day SMA probes the bulls.
USD/CHF approaches the upper-end of the immediate trading range while taking rounds to 0.9180 during the pre-European session on Tuesday. In doing so, the quote extends its recovery moves from the lowest since mid-January 2015. The up-moves also take clues from oversold RSI conditions.
However, a 17-week-old falling trend line, near 0.9285, followed by a 21-day SMA level of 0.9300, become the key upside barriers to watch.
Should the quote remains strong past-0.9300, 0.9465 and the July month’s top near 0.9500 will be the additional filters.
Meanwhile, 0.9150 and 0.9100 could offer immediate support to the pair in a case bulls dwindle to carry the upside, which is less likely.
Additionally, the quote’s further weakness past-0.9100 will be challenged by the recent multi-month low around 0.9055 and 0.9000 psychological magnet.
USD/CHF daily chart
Trend: Further recovery expected