- The pair USD/CHF is almost the top of a triangle formation at 0.9760.
- The Next levels of resistance would be 0.9790/0.9800 before the March high at 0.9900.
- On the downside, support levels are 0.9650, 0.9590 and 0.9500.
The The US dollar has been trading sideways during the last sessions, trapped within a 50 pip range, supported above 0.9700 but is unable to expand to adapt to 0.9750. The daily chart shows that the pair is a narrowing of the reduction of its trading range over the past six weeks, training and support of the symmetrical triangle, the trend line the resistance the line at the level of the groin, just above today at 0.9760.
With the pair sitting comfortably above the 20 and 100-day SMA, a successful move beyond the trend line could attract buyers-to-launch-an-attack-of-the-200-day SMA, now around 0.9790 of the area, which has been limiting upside attempts in the previous occasions. If the pair manages to break above 0.9790/0.9800 (April highs), the next target would be the December 23 high at 0.9900.
On the downside, a drop below 100-day SMA, at 0.9685 can attract the bears, pushing the pair up to the trend line support, now at 0.9650. Below, the pair migt seek support at 0.9590/0.9600 (April 14, 15 and May 1 low) before aim for 0.9500 (Apr 27, 30 bottom).