Technical Analysis – USDCHF unlocks 2-week high with strong rally

USDCHF is rallying to a fresh two-week high of 0.9868, creating several bullish sessions. The price overcame the short-term simple moving averages (SMAs) with the technical indicators holding in the overbought region. The RSI is ticking up above the 70 level, while the stochastic is pointing upwards with strong momentum.

Immediate resistance is coming from the 0.9275 barrier before touching the 0.9294 high, registered in December 2021. Moving higher, the 0.9373 may halt the bullish movements, achieved in November 2021.

Alternatively, a bearish correction may meet some support at the 0.9180 barrier, ahead of the 200-period simple moving average (SMA) at 0.9183. Below this level, the Ichimoku cloud is acting as a support area for the pair, while the 40-period SMA at 0.9165 is hovering within the cloud as well. Declining further, the 0.9107 and 0.9090 barrier may behave as turning points.

To conclude, USDCHF is looking bullish in the short-term and neutral in the long-term timeframe. A climb beyond the 0.9294 barrier may add some optimism for positive moves in the broader picture.

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