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USD/CHF Price Analysis: Greenback grinds to fresh 2020 highs

  • USD/CHF starts the week by printing fresh 2020 highs. 
  • The rising wedge formation can limit bullish advances. 

USD/CHF daily chart

USD/CHF is easing after hitting new 2020 highs this Monday. The spot is trading below the 100/200-day simple moving averages suggesting an overall bearish momentum.

USD/CHF four-hour chart

The market broke above the 0.9800 figure while trading above the main SMAs. If buyers keep the market above the 0.9800 figure it might be considered as a bullish sign which can yield further gains above the 0.9830 and 0.9850 levels. On the flip side, a daily close below the 0.9800 figure could see a weakening of the market towards the 0.9770 level. 
Resistance: 0.9830, 0.9850, 0.9870
Support: 0.9800, 0.9770, 0.9730

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