USD/CHF Price Analysis: Wednesday’s bullish engulfing suggests scope for a rise to 0.95

• USD/CHF's daily chart shows a bullish candlestick pattern and RSI divergence. 
• A move to 0.95 could be in the offing.

USD/CHF is trading at 0.9453 at press time. 

The pair created a bullish engulfing candle on Wednesday, confirming a reversal higher from the downtrend from the March high of 0.9902.

Similar sentiments are being echoed by the bullish divergence of the 14-day relative strength index. 

As such, one may expect the pair to challenge the psychological resistance of 0.95, which if breached, would expose the 50-day simple moving average 9SMA), currently located at 0.9551. 

The bullish bias would be invalidated if the spot finds acceptance under Wednesday’s low of 0.9438. 

Daily chart

Trend: Bullish

Technical Levels