USD/CHF Price Analysis: Bulls confront short-term resistance line below 0.9050
- USD/CHF extends previous day’s recovery moves from 0.9009 to refresh the intraday high.
- A two-day-old falling trend line precedes weekly resistance line and 100-HMA to guard immediate upside.
- Sellers will have to smash the 0.9000 psychological magnet to retake control.
USD/CHF rises to the intraday high of 0.9040, currently around 0.9038, during the early Wednesday. In doing so, the quote not only stretches the pullback from the late-January 2015 lows flashed the previous day but also confronts a two-day-old resistance line.
Considering the bullish MACD conditions, the pair is expected to cross 0.9041 immediate resistances. However, its further upside becomes doubtful unless crossing another descending resistance line drawn from August 14, at 0.9050.
Following that, 100-HMA and August 12 top, respectively near 0.9075 and 0.9200, can lure the bulls.
On the contrary, a downside break of an immediate support line near 0.9030 can recall 0.9000 mark on the chart.
Though, any more weakness past-0.9000 will eye July 2014 bottom surrounding 0.8850/55 during the further declines.
USD/CHF hourly chart
Trend: Pullback expected