Consolidates the biggest daily gains since June below 0.9300

  • USD/CHF pares recent gains around monthly peak, off intraday low at the latest.
  • Clear break of 21-DMA, previous resistance from November favor buyers.
  • Five-month-old support line adds to the downside filters.

USD/CHF lick the intraday wounds while picking up bids from the daily low to 0.9265 heading into Tuesday’s European session.

Even so, the Swiss currency (CHF) pair drops 0.08% on a day as bulls take a breather following the heaviest daily jump since June.

That said, the previous day’s upside break of the 21-DMA and descending trend line from November 24 joins bullish MACD signals to keep buyers hopeful to aim for the mid-December peak surrounding 0.9300.

Though, any further upside will need to cross the 0.9330-35 area before challenging the last monthly peak of 0.9373.

Meanwhile, pullback moves remain elusive until the quote stay beyond the resistance-turned-support convergence around 0.9200.

Even if the USD/CHF prices drop below 0.9200, an ascending support line from August, close to 0.9140, will challenge the pair bears.

USD/CHF: Daily chart

Trend: Further upside expected


Source link

Copyright © 2022 Billionaire Club Co LLC. All rights reserved

Loading the chat ...