USD/CHF recoiled from 0.9114 level and has formed a Rising Wedge pattern on the 1H chart. The formation has 46% quality along with 72% magnitude in a 121-bar period.
Price was fluctuating above SMA200 indicator, while the indicator was growing during that period, which leads to a present bullish trend. Present bias on 1H chart is neutral, while on 4H and 1D charts it gives bullish signals. Trend-showing Alligator indicator supports the idea of pair's uptrend extension. If the price increases, bulls could pay their attention to the key level at 0.9321. If the price pierces this level, the initial target for long investors could be around 0.9354.
The pair is approaching its three-month high around 0.9354, which could be a key resistance level for the pair. The stochastic indicator dropped to the 52% value after it had tested its critical 80% area. If the price decreases bears might focus their attention on the support level at 0.9275. If the price drops below the support level, the first target for short-traders could be around 0.9257.