USD/CHF Price Analysis: Defends one-month-old trendline near 0.9150

• USD/CHF extends the previous session’s losses and trades with negative bias.
• Bulls remain hopeful above 0.9150 near the ascending trendline.
• Momentum oscillator tilts in favor of the bearish momentum.

USD/CHF edges lower in the initial Asian trading hours on Friday. The pair moves in a narrow trading range and awaits some confirmation before any directional bet.

At the time of writing, USD/CHF is trading at 0.9151, up 0.05% for the day.

USD/CHF daily chart

On the daily chart, the USD/CHF pair has risen sharply from the lows of 0.8926 made on June 9. The pair refreshed the multi-month high near 0.9276 before retreating toward 0.9150.

If price breaks the session’s low, it could breach the ascending trendline to test the 0.9120 horizontal support level.

The Moving Average Convergence Divergence (MACD) is in an overbought zone with a bearish crossover. The reading suggests that there is room for further downside to the 0.9100 key psychological level.

A daily close below 0.9100 would prompt USD/CHF bears to retest the low of June 17 at 0.9075.

Alternatively, if the pair reverses direction, the first target for USD/CHF bulls could be the 0.9175 horizontal resistance level.

Next, the bulls would flex their muscle toward the 0.9200 horizontal resistance level, followed by the June 29 high of 0.9233.

USD/CHF additional levels