USD/CHF Price Analysis: Consolidates recent gains below 21-day EMA

USD/CHF holds lower ground after a two-day uptrend.
Descending triangle, bullish MACD keeps buyers hopeful beyond 0.8925.
USD/CHF eases to 0.8993, down 0.06% intraday, amid sluggish trading before Tuesday’s European session.

The Swiss currency pair rose during the last two days before recently stepping back from 21-day EMA near the 0.9000 threshold.

Even so, upbeat MACD signals and a short-term falling triangle favor USD/CHF bulls unless the quote refreshes the multi-month low of 0.8926.

It should, however, be noted that pullback moves towards 0.8970 then to 0.8950 can’t be ruled out.

Meanwhile, an upside clearance of 21-day EMA hurdle round the 0.9000 must confirm the bullish chart pattern with a daily close beyond 0.9020 to aim for the previous month’s top surrounding 0.9165.

However, the monthly top near 0.9055, followed by the mid-May high near 0.9095, acts as an intermediate halt during the run-up to 0.9165.


Read Previous

NZD/USD Price Analysis: Teases bearish flag confirmation above 0.7100

Read Next

EUR/USD to drift lower to 1.20 as Fed starts tapering discussions – Rabobank

Leave a Reply

Your email address will not be published.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