USD/CHF Price Analysis: Recovers to near 0.92, erasing Tuesday's drop

USD/CHF clocked a session high of 0.9196 soon before press time, erasing Tuesday's decline from 0.9192 to 0.9117. 

The pair picked up a bid near 0.09090 early today after the New York Times projected a victory for President Trump in the key state of Florida, forcing risk assets to price out prospects of Democratic candidate Joe Biden scoring a big win in presidential elections and paving way for a massive fiscal stimulus package. The recovery gathered steam as the odds of President Trump winning a second-term improved to over 60% versus 36% for Biden. 

While the pair has retaken the hourly chart rising trendline, it is yet to cross into the bullish territory above the Nov. 2 high of 0.9208. That would shift the focus to the Sept. 25 high of 0.9296, more so as the daily chart relative strength index and the MACD histogram are biased bullish. 

Hourly chart

Trend: Bullish

Technical levels