The USD/CHF pair is trading up and down in a limited range. The price is moving above and below the swing low at 0.88808 and the 200-day moving average at 0.8883. The 38.2% of the move up from the December 2023 low is also within the swing zone at 0.8883.
Although the price fell below the support group earlier today, the momentum did not continue and the price returned to its highs for the day. However, a break above the 0.8898 level is still needed to increase the bullish bias. Watch this level for clues for both buyers and sellers.
A break above this level could be more positive. Conversely, a move below 0.88808 could disappoint buyers and could prompt traders to consider a retest of last week’s swing lows at 0.8819 in the future.