USDCHF has been trying to recoup part of its recent losses since it managed to find its feet at the 0.9150 region. Although the pair experienced a minor pullback, it is marching higher again as positive momentum seems to be intensifying.
The short-term oscillators indicate that near-term risks are tilted to the upside. The stochastic oscillator is nudging higher after posting a bullish cross, while the MACD histogram has jumped above its red signal line but remains in the negative zone.
Should the positive momentum strengthen and the price ascends, initial resistance could be encountered at 0.9210, a level where the pair’s 50- and 200-period simple moving averages (SMAs) seem ready to converge. If the upside pressure persists, the price may climb towards the 0.9228 hurdle, which has rejected three price advances in the last two weeks. Crossing above this region, the spotlight could turn to the 0.9273 level, a violation of which would set the stage for the February high of 0.9296.
Alternatively, if sellers retake control and push the pair lower, the recent low of 0.9168 could act as the first support barricade. Should the price breach this level, the bears might aim for the February low of 0.9150. Piercing through this support point, the price could descend towards 0.9122 before it challenges the 0.9107 obstacle.
Overall, USDCHF has been in recovery mode in the last few four-hour sessions as bullish forces appear to be consolidating. However, a break above the 0.9296 ceiling is needed to alter the short-term picture back to positive.
