The USD/CHF was rallying toward last Friday’s (8/10) high at about 0.9810 and found resistance again during the 8/16 trading session. The 4H chart shows that as the market gets into 8/16 US trading, it is falling sharply from a declining trendline resistance.
Note that the 4H RSI did not break above 60, and therefore, the momentum bias in this time-frame is still bearish, especially if the reading falls back below 40.
As we look down, we see that this bearish outlook is just a near-term one, until we meet a rising trendline seen in the daily chart. The market is in congestion between 2 converging trendlines.
Clearing that trendline and 0.9660 opens up the 0.9420-0.9450 June lows. A break above 0.9810 however retains the bullish bias seen in the daily chart exposing the 0.9970 highs again.