USD/CHF Price Analysis: Bulls set to test 0.9220 mark

• USD/CHF extends the previous session gain in the Asian session.
• Pair looks for additional gains if price decisively breaks 0.9210.
• Momentum oscillator tilts in favor of bulls.

USD/CHF prints modest gains on Wednesday in the Asian session. The pair moves in a close trading range and awaits some confirmation before any directional bet.

At the time of writing, USD/CHF is trading at 0.9211, up 0.01% for the day.

USD/CHF daily chart

On the daily chart, the USD/CHF pair has been consolidating in the range of 0.9170 and 0.9235 for the previous two weeks. USD/CHF rose sharply from the 0.8967 made on June 15  and touched the multi-month high near 0.9240.

If the pair sustains above the session’s high at 0.9212, then it has the potential to move back to the previous day’s high in the vicinity of 0.9240 area.

The Moving Average Convergence Divergence (MACD) indicator trades comfortably above the midline The reading suggests that there is room for further upside to the 0.9250 horizontal resistance level, followed by the April 9 high at 0.9281.

Alternatively, if price reverses direction, then the first target for USD/CHF bears could be the low of 0.9189 made a day before.

In doing so, the pair would test the 0.9150 horizontal support level. The selling pressure be intensified toward June 17 low at 0.9075 if it closes below the 100-day Simple Moving Average (SMA) at 0.9137

USD/CHF additional levels