USD/CHF Price Analysis: Remains bullish despite retreating from daily highs, hovers around 0.9235

• The USD/CHF losses some 0.39% in the New York session.
• Tuesday’s retracement could be an opportunity for USD bulls if that is the case, as the DMAs remain below the spot price.
• USD/CHF Technical outlook: The pair is upward biased, as long as it remains above 0.9167,

On Tuesday, the USD/CHF trims some of its weekly gains, retreating from daily highs, as Fed Chief appeared at a hearing for his renomination as the head of the US central bank. At the time of writing, the USD/CHF is trading at 0.9236.

USD/CHF Price Forecast: Technical outlook

The USD/CHF fluctuated between gains and losses in the overnight session, dropping from weekly highs around  0.9270 to the 0.9230s region amid a weak demand of US dollars.

Nevertheless, the USD/CHF is upward biased, so the pullback on Tuesday’s trading session could be an opportunity for USD bulls to re-enter the market if that is the case, supported by the daily moving averages (DMAs), which although seesawing in the last trading days around the spot price, reside below of it.

To the upside, the USD/CHF’s first ceiling would be December 15, 2021, cycle high at 0.9294, close to the psychological 0.93 handle, and a tenth-month-old downslope trendline. The breach of that area would open the door towards the psychological 0.9400 figure, followed by April 1, 2021, daily high at 0.9475.

Conversely, if the USD weakens, the USD/CHF’s first support would be the 0.9200 figure. Once that floor is broken, the next stop for CHF bulls would be the confluence of a one-year-old upslope trendline and the 200-DMA at 0.9167, followed by December 31, 2021, pivot low at 0.9202.