USD/CHF Price Analysis: Scales higher to the upper boundary of Rising Channel formation at 0.9570

• A rising channel formation is advocating for the greenback bulls to dictate the prices.
• The 20- and 50-EMAs are scaling higher, adding to the upside filters.
• The RSI (14) is not displaying any sign of divergence and an overbought situation.

The USD/CHF pair is advancing higher sharply after violating March’s high at 0.9460. The asset has continued its six-day winning streak on Wednesday and is expected to extend gains after sustaining above Tuesday’s high at 0.9524.

The formation of a rising channel chart pattern on the daily scale is claiming a restricted movement with an upside bias. The lower boundary of the rising channel is plotted from the fiscal year 2021’s low 0.8758 while the upper boundary is placed from July 2021 high at 0.9272.

The 50- and 200-period Exponential Moving Averages (EMAs) at 0.9315 and 0.9237 respectively are advancing, which signals more gains ahead. Meanwhile, the Relative Strength Index (RSI) (14) has registered a fresh high at 76.30, which indicates a firmer upside move. The momentum oscillator RSI (14) is not displaying any sign of divergence and the overbought situation.

Violation of Wednesday’s high at 0.9523 will send the asset towards the rising channel high at 0.9570, followed by the round level resistance at 0.9600.

However, a slippage below Friday’s low at 0.9411 will drag the asset towards April 1 high at 0.9374. A breach of the latter will send the asset towards the 50-EMA at 0.9315.

USD/CHF daily chart