USD/CHF bullish momentum seems to be fading away with the pair currently trading 0.10% lower to 0.9332. The intraday resistance levels are at 0.9335 and 0.9369. The near-term support levels are at 0.9314 and 0.9284.
On the intraday charts, a couple of Doji candlesticks at the peak are indicating that the bull’s inability to breach above the 0.9350 area may lead to a strong bearish momentum. The SMA-14 is indicating support at 0.9250 while the SMA-50 support line is at 0.9233. The RSI is at 61 and has a downwards curve while the MACD remains above the middle line and favors the bulls. Although a bearish pattern is building up but the indicators are presenting a bullish picture. To stay on the side of the trend, a buy trade using the following level is ideal only if the pair closes above 0.9350 on the 4-hourly chart. The target for this trade will be 50 to 60 pips with a stop-loss at 0.9316.
