forex news USD/CHF

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USD/CHF Price Analysis: Upside momentum subsides near-critical resistance around 0.9240

• USD/CHF prints minute losses on Thursday in the Asian session.
• Bulls find it hard to break the 0.9240 multiple resistance barrier.
• Momentum oscillator remains firm with a neutral stance.

USD/CHF edges lower on Thursday in the Asian trading hour. The pair hovers in a very close trading range with a downside momentum.

At the time of writing, USD/CHF is trading at 0.9216, down 0.02 % for the day.

On the daily chart, the USD/CHF pair has been trading in a broader trading channel of 0.9030 and 0.9040 since June 18.

If the price breaks the session’s low, it could test the lower targets at the 0.9195 and the 0.9160 horizontal support levels.

A daily close below the 20-day Simple Moving Average (SMA) would bring the low of July 15 at 0.9117 back into action.

Alternatively, the Moving Average Convergence Divergence (MACD) trades above the midline with a neutral stance. Any uptick in the MACD would force the bulls to continue to march higher toward the previous day’s high at 0.9242.

A closing of above 0.9240 would mark the breaking of the long-term trading range with an eye for the 0.9260 horizontal resistance level followed by the level last seen in April.

Next, the market participants would aim for the high of April 9 at 0.9281.