USD/CHF Price Analysis: Buyers face rejection around double top near 0.9320

• USD/CHF edges lower on Wednesday in the Asian session.
• Higher highs and higher lows depict the upside trend in the pair since August 30.
• MACD trades holds onto the overbought zone with receding upside momentum.

USD/CHF trades with losses on Wednesday in the initial Asian trading hours. The pair failed to preserve the previous session’s upside momentum. At the time of writing, USD/CHF is trading at 0.9300 down 0.11% for the day.

USD/CHF daily chart

On the daily chart, after testing the five-month high near 0.9368, the USD/CHF pair failed to preserve the momentum and touched the intraday low of 0.9230 in the previous week. Nevertheless, the pair took shelter near the 21-day Simple Moving Average (SMA) at 0.9246 and continued to ride higher. 

Having said that, If the price sustains the intraday high, it could immediately test the 0.9320 horizontal resistance level. A daily close above 0.9320 would open the gates for the 0.9340 horizontal level followed by the high of September 30 in the vicinity of 0.9370 area.

Alternatively, the Moving Average Convergence Divergence (MACD) trades in the overbought zone with receding upside momentum. Any downtick in the MACD would encourage the USD/CHF bears to test the 0.9280 horizontal support level. Further, a break of the ascending trendline will amplify the selling pressure toward the previous day's low of 0.9257, keeping eye on the 0.9230 horizontal support level.

USD/CHF additional levels