- USD/CHF eases from intraday high of 0.9216 while snapping a two-day losing streak.
- Successful bounce off 0.9190 takes clues from RSI strength to suggest further upside.
- Short-term horizontal area on the bulls’ radar ahead of the monthly top.
- Two-week-old rising trend line adds to the support.
USD/CHF consolidates the recent jump around 0.9210, up 0.17% intraday, while heading into Wednesday’s European session. In doing so, the Swiss major regains its stand above 200-HMA after clearing an immediate resistance line. Also suggesting further upside of the pair could be the pullback from 0.9190.
Hence, USD/CHF buyers are all set to challenge a horizontal area including multiple levels since September 24, around 0.9250. Although, the quote’s further upside will be challenged by the 0.9280 intermediate resistance before recalling the monthly top, actually the highest since July 23, close to 0.9300.
If at all the traders manage to cross 0.9300 round-figures, the early-July low near 0.9365 will be in the spotlight.
Meanwhile, the 0.9200 threshold becomes nearby key support, including 200-HMA and the previous resistance line, ahead of the latest lows close to 0.9190.
Also likely to challenge the USD/CHF bears is an upward sloping trend line from September 16, at 0.9163 now.
USD/CHF hourly chart
Trend: Further recovery expected