Technical Analysis – USDCHF bulls gain impetus; 0.9300 in focus
The RSI has finally stretched its uptrend clearly above its 50 neutral mark, backing the positive momentum in the price. Likewise, the MACD continues to strengthen above its red signal line, set to cross above zero, reflecting growing optimism in the market too.
Still, traders may remain patient until the price successfully overcomes the 50-day exponential moving average (EMA) and the 0.9300 round-level before they target the next barrier at 0.9360. Breaching the latter, the pair may advance towards the broken ascending trendline from the 2020 lows, which is slightly below the 200-day EMA at 0.9450.
Should upside forces falter, the price may drift lower to seek support around 0.9235 and the 20-day EMA. Failure to pivot here could bring the 0.9200 handle under examination, while a step below 0.9150 may threaten a downtrend resumption below the key 0.9085 floor. Another defeat at this point could shift attention to the 0.9000 psychological number.
In brief, USDCHF looks set for its next bullish phase. A clear close above 0.9300 may attract fresh buying interest in the short term.
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