USD/CHF Price Analysis: Pullback remains elusive beyond 0.9270
- USD/CHF eases from two-month high to pare weekly gains.
- Previous resistance from mid-December appears key short-term support, four-month-long horizontal area guards immediate upside.
- Bullish MACD signals, successful trend line breakout favor buyers.
USD/CHF eases from a two-month high to 0.9300 while consolidating the weekly gains during Friday’s Asian session.
In doing so, the Swiss currency (CHF) pair prints daily losses, down 0.12% intraday at the latest, for the first time in five days.
However, the quote keeps the previous day’s upside break of a descending resistance line from November, now support around 0.9270. Also keeping buyers hopeful are the bullish MACD signals.
That said, a horizontal area comprising multiple tops marked since September offers immediate headwinds to the USD/CHF prices around 0.9335-40.
It’s worth noting that the quote’s upside past 0.9340 will need validation from November’s high of 0.9373 ahead of challenging the year 2021 peak of 0.9472.
Meanwhile, the latest pullback moves aim for the previous resistance line near 0.9270, a break of which will direct USD/CHF prices towards the 0.9200 threshold.
Though, the 61.8% Fibonacci retracement of August-November 2021 upside and monthly low, respectively near 0.9150 and 0.9090, will challenge the pair’s downside past 0.9200.
To sum up, USD/CHF remains on the bull’s radar despite the latest pullback.
USD/CHF: Daily chart
Trend: Bullish