FXstreet.com (San Francisco) - USD/CHF continues to consolidate last week’s steep losses, having operated within a tight range between 0.9240 and 0.9300 since the weekly opening.
At the time of writing, price is quoted near the top of the range, last in the 0.9290 price zone. “Note that sideways trading in the near-term is going to challenge the newly established declining channel resistance seen in the 4H chart," says Fan Yang, CMT, Chief Technical Strategist at FXTimes. "A break above 0.93 and the channel resistance suggests some further corrective rally.”
Worthy of note, a break above the 0.93 figure could open scope for further tests of resistance at 0.9340 (Sep 12 low), then 0.9365 (9-day EMA) and 0.9400.
At the time of writing, price is quoted near the top of the range, last in the 0.9290 price zone. “Note that sideways trading in the near-term is going to challenge the newly established declining channel resistance seen in the 4H chart," says Fan Yang, CMT, Chief Technical Strategist at FXTimes. "A break above 0.93 and the channel resistance suggests some further corrective rally.”
Worthy of note, a break above the 0.93 figure could open scope for further tests of resistance at 0.9340 (Sep 12 low), then 0.9365 (9-day EMA) and 0.9400.
