USD/CHF Price Analysis: Buyers keep their eyes on daily high near 0.9200

• USD/CHF prints gain on Wednesday in the initial European session.
• Bulls remain hopeful near to attain the psychological 0.9200 mark.
• Momentum oscillator adopts the wait-and-a-watch approach before aggressive bets.

USD/CHF edges higher in the middle of the week in the European trading hours. The pair opened lower but swiftly recovered to travelled to reach an intraday high near 0.9180.

At the time of writing, USD/CHF is trading at 0.9175, up 0.23% for the day.

USD/CHF daily chart

On the daily chart, the USD/CHF pair has been taken support near the 0.9120 support level with multiple bottom formations. 

The descending trendline from the high of 0.9274 made on July 2 acts as defence for the bulls.

Being said that, If price moves higher, it could immediately test the key 0.9200 level.

The Moving Average Convergence Divergence (MACD) trades just above the midline with a neutral stance. Any uptick in the MACD would encourage the bulls to continue to march higher towards the high of August 13 at 0.9239.

Further  USD/CHF bulls would likely testify July 8 high at 0.9264.

If price starts moving lower,  it could retest the 0.9140 horizontal support level.

Further, it could drop toward the low of August 30 at 0.9101, USD/CHF bears would seek the next target at the 0.9080 horizontal support level.

USD/CHF additional levels