USD/CHF Price Analysis: Bulls await descending triangle breakout below 0.9285
- USD/CHF grinds higher inside a bullish chart pattern.
- 100-HMA adds strength to the triangle’s support, MACD also favor buyers.
USD/CHF buyers flex muscles around 0.9280, up 0.17% intraday heading into Thursday’s European session.
In doing so, the Swiss currency (CHF) pair remains on a front foot while recently poking the upper line of a three-day-old descending triangle.
Given the bullish MACD signals and the quote’s sustained trading beyond key HMAs, USD/CHF is likely to cross the 0.9285 immediate hurdle.
With this, the pair buyers can aim for the 0.9345 theoretical target. However, the 0.9300 threshold and the latest peak of 0.9306 may act as intermediate halts during the rise.
Alternatively, the 100-HMA level of 0.9247 acts as an extra challenge for the USD/CHF bears, in addition to the stated triangle’s support line.
Even if the pair defies the bullish chart pattern, the 200-HMA level of 0.9224 will test the downside targeting a two-week-long horizontal support zone near 0.9165.
USD/CHF: Hourly chart
Trend: Further upside expected