USD/CHF Price Analysis: Rises for 5th straight day, hits 2.5-week high

• USD/CHF's daily chart shows a contracting triangle breakout. 
• Momentum indicators suggest scope for continuation of the ongoing rally. 

USD/CHF is looking to extend its four-day winning streak. The pair is trading at 0.9772 at press time, representing a 0.15% gains on the day, having hit a high of 0.9775 a few minutes ago. That was the highest level since April 7.

The daily chart shows the pair is rising in line with the symmetrical triangle breakout confirmed on April 22. The 14-day relative strength index (RSI), too, is reporting a triangle breakout. Additionally, the 5- and 10-day averages are trending north, indicating a bullish setup. 

As a result, the spot looks set to test the 200-day average at 0.98. Acceptance above that would shift the focus to 0.9902 (March 23 high). The bullish bias would weaken if the spot finds acceptance under the 100-day average at 0.9707. 

Daily chart

Trend: Bullish

Technical levels