USD/CHF returns from weekly lows and is getting close to 0.9200

In the North American session, the USD/CHF recovers from weekly lows of 0.9136 and advances towards challenging 0.9200. The USD/CHF exchange rate is currently trading above its initial price at 0.9199 after reaching a daily high of 0.9226.

The USD/CHF pair tested the previous week’s low of 0.9118 earlier in the day; since then, it has not turned around. Yet, the major market would continue to trade sideways while expecting a new catalyst as long as the USD/CHF pair manages to conclude each day below 0.9200. The 20 and 50-day EMAs are located at 0.9240 and 0.9272, respectively. On the other side, the USD/CHF could begin moving upward. The 100-day EMA is located around 0.9343, which is followed by upside risks.

The USD/CHF 4-hour chart shows that a double bottom has formed in the near term. To prove its validity, the exchange rate must surpass the peak set on March 24 at 0.9216. It would open a path to the March 21 high of 0.9317, but the pair must first overcome some resistance levels before moving upward.

The USD/CHF first resistance would be 0.9216. A breach of the latter wand the USD/CHF will face the 100-EMA at 0.9233, followed by the 200-EMA at 0.9255. Once broken, the 0.9300 figure would be up for grabs.