Poised for further upside beyond 0.9200 on bullish cross


  • USD/CHF edges higher around five-week top, fades bounce off intraday low.
  • 50-DMA cross over the 100-DMA, backed by bullish MACD, favor buyers.
  • Sustained break of descending trend line from April adds strength to the bullish bias.

USD/CHF struggles to defend the 0.9200 threshold, indecisive around 0.9230 by the press time, during subdued trading hours heading into Friday’s European session.

Even so, the quote’s successful break of a 4.5-month-old resistance line, now support, joins an upside cross of the 50-DMA over the 100-DMA, not to forget bullish MACD, to keep the pair buyers hopeful.

During the quote’s upside moves, the latest highs surrounding 0.9245 and the previous month’s top near 0.9275 will precede early March’s top near 0.9375 to challenge run-up.

Though, a clear rise past 0.9375 enables the USD/CHF prices to aim for the yearly peak close to 0.9472.

Meanwhile, the resistance-turned-support line near 0.9180 restricts short-term downside ahead of the DMA confluence around 0.9140-35.

If at all USD/CHF bears remain dominant past 0.9140, the mid-July lows near 0.9115 and the monthly bottom of 0.9018 will be on their radars.

USD/CHF: Daily chart

Trend: Further upside expected

 



Source link

Leave a Reply

Your email address will not be published. Required fields are marked *

Copyright © 2019 Billionaire Club Co LLC. All rights reserved

Chat
Loading the chat ...