USD/CHF still largely trading between 0.9600 and 0.9800 since April
With the dollar keeping weaker and the SNB also intervening strongly to limit the franc strength, the pair has somewhat been respecting key technical levels rather well recently.
Any upside move appears to fall short of firmly breaking the 0.9800 level with the 200-day MA (blue line) also stepping in as a key resistance level, as seen with the rejection yesterday.
Meanwhile, any downside move has so far stalled at 0.9600 with support from the 23.6 retracement level @ 0.9597 helping to give buyers an area to lean on as well.
But now with price backing away from the 200-day MA, the focus switches back to the near-term chart instead:
Notably, price is now moving towards a test of the key hourly moving averages at around 0.9705-13. Keep above and the near-term bias is more bullish but break below that region and the bias turns more bearish instead.
Just under that region, there is the 100-day moving average at 0.9691 so a break below that level will also see sellers gather more control in driving price back lower again.
Looking back to the daily chart, we can see that a triangle pattern is forming as price action continues to play ping pong between the 0.9600 and 0.9800 levels.
A daily break outside the triangle pattern will be a good start for either sellers or buyers to firmly seize control of the pair, with a breakout away from either the 0.9600 and 0.9800 level set to represent the next key trending move for traders to go along with.