The USD/CHF currency pair has extended its upside move, rallying from the 0.8332 level to as high as 0.9204. This impressive surge has been underpinned by the pair’s ability to sustain its position above a rising trend line on the daily chart.
As long as the USD/CHF remains above this critical trend line, the bullish momentum could persist, with the next target for the bulls being the 0.9244 resistance level. A decisive breakout above this level could potentially trigger further upside momentum, paving the way for a move towards the 0.9350 zone.
However, traders should also keep a close eye on potential support levels that could emerge in the event of a pullback. The immediate support for the USD/CHF is currently situated at 0.9085. A breakdown below this level could potentially lead the price back towards the rising trend line, which has been acting as a crucial support over the past few weeks.
The key support level to watch is the 0.8995 zone. Only a break below this level could signal the potential completion of the current uptrend, potentially paving the way for a more significant correction or a reversal in the USD/CHF’s trajectory.
In summary, the USD/CHF has extended its rally and is eyeing further upside potential, with the 0.9244 and 0.9350 levels acting as potential targets for the bulls. However, traders should remain vigilant for any signs of weakness, especially if the pair breaks below the 0.9085 and 0.8995 support levels, as this could signal a potential reversal of the current uptrend.