- USD/CHF pauses the previous two day’s decline on Friday.
- Bulls take support near the lower trend line of the descending channel.
- Momentum oscillator tilts in favor of the bearish momentum.
USD/CHF edges higher on Friday in the European trading hour. The pair hovers in a very close trading range with positive bias.
At the time of writing, USD/CHF is trading at 0.9070, up 0.09 % for the day.
USD/CHF daily chart
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On the daily chart, the USD/CHF pair has been trading in a broader trading channel of 0.9100 and 0.9270.
If price breaks the session’s high, it could test the upside target at the 0.9100 and the 0.9150 horizontal resistance level.
A daily close above the 20-day Simple Moving Average (SMA) at 0.9160 would bring 0.9200 back in the picture.
The Moving Average Convergence Divergence (MACD) trades below the midline with a bearish crossover. The reading suggests that there is room for further downside to the horizontal 0.9050 support level.
A break of 0.9050 could test the low of June 16 at 0.8977 followed by the 0.8940 horizontal support level.