- USD / CHF is still on track to post small daily gains on Wednesday.
- The bears are challenging the key support area around the 0.9150 region.
- The neutral MACD favors bullish momentum.
The pair USD/CHF he loses part of his daily earnings in the European session. The pair peaked at 0.9183 before hitting the intraday low of 0.9152 and racked up a move of around 40 pips from the daily lows earlier in the day.
At the time of writing, USD / CHF is trading at 0.9154, a 0.23% increase on the day.
Daily chart
On the daily chart, the pair has been racking up gains near 0.9135-0.9155. After falling from the monthly highs near the 0.9475 zone, the pair is now consolidating around the 0.9150 region. The formation of the candlestick pattern suggests that bears are now a bit cautious before placing aggressive directional bets.
The Moving Average Convergence Divergence Indicator (MACD) is looking below the midline, however USD / CHF bulls should wait for some confirmation before jumping to the long side of the trade. Moving up, the first resistance will be Thursday’s high of 0.9191 and then the next stop would be the April 19 highs near the 0.9215 region. The bulls would extend towards the 20-day Simple Moving Average (SMA) located at 0.9230 to the upside.
On the other hand, if the price breaks below 0.9130 and makes a sustained move below the mentioned level, then it would open the doors for 0.9120 and 0.9090 – horizontal support zones. Next on the bears’ radar will be the March 1 lows near the 0.9070 region.
Additional levels
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