USD/CHF Price Analysis: Approaches previous support below 0.9200

• USD/CHF prints short-term bullish pennant breakout to keep buyers hopeful.
• Receding bearish bias of MACD strengthens upside bias, 200-SMA acts as additional support.

USD/CHF renews intraday high to 0.9263 on confirming a bullish pennant chart formation heading into Tuesday’s European session. That said, the quote trades around 0.9260 by the press time.

The Swiss currency (CHF) pair’s latest upside momentum also gains support from the MACD line that seems to pause the previous downtrend.

As a result, the USD/CHF prices are ready to confront the support-turned-resistance line around 0.9280.

Following that, the 0.9300 threshold and February’s peak of 0.9343 will be in focus.

Alternatively, pullback moves remain elusive beyond the stated pennant’s support line, at 0.9248 by the press time.

Should the USD/CHF pullback break the 0.9248 support, the 200-SMA level surrounding 0.9210 and double bottoms surrounding 0.9150 should be watched carefully for additional short trades.

USD/CHF: 30-minute chart

Trend: Further upside expected