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The US dollar made several attempts to trade higher against the Swiss franc, but every time it moved higher sellers managed to protect the upside. There is a major resistance formed around the 0.9250 level, which might continue to act as a barrier for the USDCHF pair. There are some important releases lined up today during the NY session. The US Wholesale Inventories will be released by the US Census Bureau. The market is expecting a gain of 0.2% this time, which is a bit less than the last increase of 0.8%. So, let us see how the USDCHF pair reacts after the release and whether it can break the mentioned resistance area or not.

There is a monster bearish trend line formed on the hourly chart of the USDCHF pair, which is acting as a barrier for the pair. Currently, the pair is trading around the 100 and 200 hour moving averages, which is also acting as resistance for the pair. A break above the same might call for a test of the highlighted resistance trend line. We need to see how sellers react if the pair reaches there, and whether they can defend it or not. A break above the same could ignite an upside acceleration towards the 0.9300 level. The hourly RSI also needs to settle above the 50 level in that situation.

On the downside, initial support is around the 0.9210 level where buyers might defend losses in the USDCHF pair moving ahead.

Overall, one might consider selling rallies in the USDCHF pair as long as it is trading below the highlighted trend line.

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Posted By IKOFX Technical Team: Online Forex Broker
Website – http://ikofx.com