USDCHF Technical Analysis

USD On the daily chart, we can see that USDCHF is approaching a key around the 0.8560 level where we can find the with the 50% level and the red 21 . This is where the sellers are likely to step in with a defined risk above the trendline to position for a drop into new lows. The buyers, on the other hand, will want to see the price breaking higher to invalidate the bearish setup and start targeting the 0.88 handle.

On the 4 hour chart, we can see that the pair recently bounced on the zone defined by the swing high around the 0.8460 and the green 50% Fibonacci retracement level. The buyers look firmly in control, and we can expect the price to reach the resistance zone around the 0.8560 level. On the 1 hour chart, we can see that right now we have a rangebound market between the 0.8460 support and the 0.8560 resistance.

This gives us a few possible scenarios: we will get the latest US CPI report and the US Jobless Claims figures, while on Friday we conclude the week with the US PPI data..