USD/CHF Price Analysis: Refreshes five-month high on the way to 0.9320-25

• USD/CHF edges higher around multi-day top after crossing July’s peak.
• Sustained trading above 0.9275 becomes necessary for bulls to keep reins.
• Two-month-old previous resistance challenges pullback moves, horizontal area comprising multiple tops since March lures bulls.

USD/CHF grinds to the north after refreshing the highest levels since April around 0.9275-80 during early Friday.

The Swiss currency (CHF) pair crossed an upward sloping trend line from July 20 the previous day to provide a daily closing beyond July’s high. The bullish signals also gain support from firmer RSI conditions, not overbought.

However, the USD/CHF buyers seem to look for a sustained push beyond 0.9280 before challenging the 0.9300 threshold.

Also on their radar is the horizontal hurdle from March around 0.9320-25, a break of which will aim for the yearly peak, currently around 0.9470.

Alternatively, pullback moves may retest the resistance-turned-support line near 0.9255 but the pair’s further weakness will be challenged by an August high around 0.9240.

Additionally, multiple stops around the 0.9200 round figure and 200-day EMA near 0.9150 will also challenge the USD/CHF bears on their return.

USD/CHF: Daily chart

Trend: Further upside expected