- USD/CHF is gaining momentum, signaling a possible uptrend in the coming sessions.
- The double bottom on the 4-hour chart could pave the way for USD/CHF towards 0.9300.
- USD/CHF Price Analysis: A daily close above 0.9220 would confirm the double bottom.
He USD/CHF it bounces from the weekly lows of 0.9136 and rises towards the test of 0.9200 in the North American session. After hitting a daily high of 0.9226, USD/CHF is trading at 0.9199, above its opening price.
USD/CHF price action
Earlier in the day, USD/CHF tested last week’s low of 0.9118; since then, he hasn’t looked back. However, as long as the USD/CHF pair achieves a daily close below 0.9200, the pair will continue to trade sideways, waiting for a new catalyst. On the other hand, the USD/CHF pair could resume its uptrend, and could test the 20 and 50 day EMAs, located at 0.9240 and 0.9272, respectively. Upside risks lie at 0.9300, followed by the 100 day EMA at 0.9343.
In the short term, the 4-hour chart for USD/CHF shows the formation of a double bottom. However, the exchange rate must break the March 24 high at 0.9216 to confirm its validity. This would pave the way towards the March 21 high at 0.9317, but the pair needs to clear some resistance levels on its way north.
The first resistance for USD/CHF would be 0.9216. If it breaks above it, USD/CHF will face the 100 EMA at 0.9233, followed by the 200 EMA at 0.9255. Once broken, the 0.9300 zone would be within reach.
USD/CHF 4-hour chart
USD/CHF Technical Levels
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
