USD/CHF Price Analysis: Buyers seek support near 50-day SMA

• USD/CHF prints minute gains on Monday in the initial Asian session.
• Bulls remain hopeful above 50-day SMA at 0.9168.
• Momentum oscillator adopts the wait-and-a-watch approach before aggressive bets.

USD/CHF edges higher on the fresh trading week in the Asian trading hours. The pair hovers in a very close trading range of 10-pips with a downside momentum.

At the time of writing, USD/CHF is trading at 0.9172, down 0.03 % for the day.

USD/CHF daily chart

On the daily chart, the USD/CHF pair has been facing strong resistance near 0.9240-50 zone with multiple top formations. USD/CHF tested the low of 0.9108 on August 4.

The price moves in an ascending trend channel with the formation of a Doji candlestick, which signifies indecisiveness among investors.

Being said that, If price moves higher, it could immediately test the previous day’s high at 0.9190.

A sustained move above the psychological 0.9200 mark, would extend the upside movement at the 0.9230 horizontal resistance level.

The Moving Average Convergence Divergence (MACD) trades just above the midline with a neutral stance. Any uptick in the MACD would encourage the bulls to continue to march higher towards the 0.9275 horizontal resistance level.

If price starts moving lower the 50-day Simple Moving Average (SMA) at 0.9169, it could retest the 0.9145 horizontal support level.

Further, it could drop toward the low of August 17 at 0.9099, which coincides with the lower trendline of the mentioned channel.

USD/CHF bears would seek the next target at the 0.9075 horizontal support level.

USD/CHF additional levels