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USD/CHF Price Analysis: Bulls Are Optimistic Due to Bullish Pennant Formation, 0.9500 is a Target

Drake Hampton

Apr 18, 2022 09:46

The USD/CHF pair is trading within a narrow range of 0.9411-0.9439 following a stronger rally from the April 14 low of 0.9330. On Easter Monday, the asset is trading flat against a weakening US dollar index (DXY) in early Tokyo.

 

On a four-hour chart, USD/CHF is creating a bullish pennant pattern, which indicates a lack of direction following a strong run to the north and points to more higher if consolidation breaks sharply. In general, a consolidation phase is characterized by the establishment of long positions by market players who did not participate in the first rally or by the placement of bids by investors who choose to enter an auction after a bullish bias develops. The March 16 high of 0.9460 serves as critical horizontal resistance.

 

At 0.9358 and 0.9400, the 20- and 50-period Exponential Moving Averages (EMAs) are advancing, implying additional potential. While the Relative Strength Index (RSI) (14) is established between 60.00 and 80.00, indicating a bullish trend.

 

If the stock overcomes horizontal barrier at 0.9460, bulls will push it towards psychological resistance at 0.9500, followed by the 5 June 2020 high of 0.9650.

 

On the other hand, a decline below the March 28 high of 0.9382 will bring the asset down to its April 14 low of 0.9324. If the latter is breached, the asset will be dragged towards the April 13 low of 0.9287.

USD/CHF Four-Hour Chart

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