USD/CHF Price Analysis: Hits one-month highs, bolstering bullish setup

• USD/CHF hits a multi-week high, validating daily RSI's bullish divergence. 
• The MACD indicator shows strengthening of bullish momentum. 

USD/CHF jumped to 0.9180 on Tuesday – the highest level since Aug. 12. 

The uptick has bolstered the immediate bullish view put forward by the positive divergence of the 14-day relative strength confirmed last week. 

The MACD histogram now prints higher bars above the zero line – a sign the upward move is gathering steam. The 5- and 10-day simple moving averages are also beginning to trend north, indicating a bullish setup. 

As such, the pair looks set to test resistance at 0.9242 (Aug. 3 high), which, if breached, would shift the focus to the former support-turned-hurdle at 0.9362 (July 9 low). 

A close below the 10-day SMA, currently at 0.91, would invalidate the bullish bias. 

Daily chart

Trend: Bullish

Technical levels