USDCHF SIGNAL 12-07-22 : USDCHF Price Analysis Bulls attack 0.9850 inside weekly rising wedge

USDCHF SIGNAL 12-07-22 : USDCHF Price Analysis Bulls attack 0.9850 inside weekly rising wedge.

• USD/CHF refreshes monthly top during eight-day uptrend, inside bearish chart pattern of late.
• Overbought RSI, wedge tease bears but 200-SMA could challenge corrective pullback.
• Bulls have a bumpy road to the north unless crossing 0.9875.

USDCHF remains firmer for the eighth consecutive day as it renews the monthly top around 0.9845-50 heading into Tuesday’s European session.

USDCHF SIGNAL : In doing so, the Swiss currency (CHF) pair pokes the 61.8% Fibonacci retracement (Fibo.) of the June 15-29 downturn.

That said, the USD/CHF pair remains inside a weekly rising wedge bearish chart pattern as the overbought RSI (14) probes the bulls.

Hence, the 61.8% gold ratio surrounding 0.9840 precedes the stated wedge’s upper line, close to 0.9865, to restrict the short-term USD/CHF upside.

USDCHF SIGNAL : Also acting as an upside filter is the monthly horizontal resistance area surrounding 0.9875.

In a case where the USD/CHF rises past 0.9875, the odds of witnessing a run-up towards June’s high surrounding 1.0050 can’t be ruled out.

On the contrary, pullback moves need validation from the wedge’s support line, close to 0.9800 at the latest, to lure the pair bears.

Even so, the 200-SMA level surrounding 0.9688 acts as the last defense of USD/CHF buyers.

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