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USD/CHF: Consolidates around the 0.9800 area
The USD/CHF pair has been trading sideways since the 28th of June, with the price ranging between the levels of 0.9764 and 0.9838.
The pair consolidated around 0.9805 during the course of the day on Wednesday. Today, the major is extending its consolidation move and is currently trading at 0.9808.
Regardless of some improvement in risk sentiment, resulting in a weaker dollar that helped most pairs to recover some ground, the USD/CHF pair is seen consolidating on the possibility of an intervention from the Swiss National Bank in the event of a sharp appreciation of the Swiss franc.
Immediate resistance lines up at 0.9838, which if conquered could open room towards 0.9903 and 0.9954 in extension.
Conversely, in the event that the pair breaks below 0.9764, the pair could find support at 0.9745 and 0.9717 respectively.
Please note: The content in this daily technical analysis article should not be taken as investment advice. It comprises our personal view.