USD/CHF Price Analysis: Bulls take a breather above 0.9200 but not out of the woods

• USD/CHF pauses five-day uptrend near the early July tops.
• Firmer RSI, sustained break of four-month-old resistance, now support, back the bulls.
• Horizontal area from April adds to the downside filters.
• July tops hold the key to further advances targeting the yearly high.

USD/CHF edges higher around 0.9230 as Asian traders braces for shifting controls to the West on Wednesday.

Even so, the Swiss currency (CHF) pair keeps the previous day’s upside break of a descending resistance line from early April amid a firmer RSI line, not oversold, which in turn keeps the quote poised for further upside.

It’s worth noting that a daily closing beyond 0.9235 will be necessary for the USD/CHF bulls before they confront the 61.8% Fibonacci retracement of April–June downside and July’s top, respectively around 0.9270.

If at all the quote remains firmer past 0.9270, the 0.9300 threshold and April’s peak near 0.9475 will be the key to follow.

Meanwhile, pullback moves need to stay below the previous resistance line, near 0.9190, to retest the 0.9135–30 horizontal support zone.

However, the mid-May top surrounding 0.9090 and the monthly low close to 0.9020 will challenge any further weakness.

USD/CHF: Daily chart

Trend: Bullish