US Dollar vs Swiss Franc The USDCHF pair is moving inside the “overbought zone”. It’s highly likely that during the day the price may test the 8/8 level one more time. If the market rebounds from this level, it may resume moving upwards. The closest target is at the +2/8 level
Intraday bias in USD/CHF stays neutral as range trading continues. Overall, price actions from 0.9443 are viewed as a consolidation pattern. Below 0.9648 will turn bias to the downside first. Break of 0.9536 will extend the whole corrective decline from 1.0327 through 0.9443 low. Meanwhile, break of 0.9949/55 resistance zone is needed to confirm completion of the fall from 1.0327. Otherwise, outlook will stays mildly bearish.
In the bigger picture, no change in the view that choppy fall from 1.0327 is seen as a corrective move. Rejection from 0.9955 resistance suggests that it’s still in progress for another low below 0.9443. In that case, we’d expect strong support between 0.9072 and 0.9256 support to contain downside and finally bring reversal. Break of 0.9955 will target a test on 1.0327 high again.