“¢ Over the past four trading sessions, the pair has been oscillating in a narrow trading range below the parity market, forming a rectangular chart pattern on hourly charts.
“¢ A rectangle is a continuation pattern that forms as a trading range during a pause in the trend, though sometimes marks a significant trend top or bottom.
“¢ Meanwhile, mixed technical indicators on hourly/daily charts seemed to hold back traders from placing any aggressive near-term directional bets.
“¢ Hence, it would be prudent to wait for a convincing break through the mentioned range before traders start positioning for the pair’s near-term trajectory.
USD/CHF 1-hourly chart
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USD/CHF
Overview:
Last Price: 0.9953
Daily change: -7.0 pips
Daily change: -0.0703%
Daily Open: 0.996
Trends:
Daily SMA20: 0.9876
Daily SMA50: 0.9801
Daily SMA100: 0.9865
Daily SMA200: 0.9741
Levels:
Daily High: 0.9982
Daily Low: 0.9938
Weekly High: 0.9978
Weekly Low: 0.9848
Monthly High: 0.982
Monthly Low: 0.9542
Daily Fibonacci 38.2%: 0.9965
Daily Fibonacci 61.8%: 0.9955
Daily Pivot Point S1: 0.9939
Daily Pivot Point S2: 0.9917
Daily Pivot Point S3: 0.9896
Daily Pivot Point R1: 0.9982
Daily Pivot Point R2: 1.0003
Daily Pivot Point R3: 1.0025
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