- The USD/CHF pair failed to build on the overnight solid rebound and was seen oscillating in a narrow trading band – around the 0.9750 area – through the mid-European session on Thursday.
- The mentioned region comprises of 50-hour SMA and 61.8% Fibo. level of the overnight rejection slide from the 0.9800 neighbourhood, which should act as a pivotal point for intraday traders.
Meanwhile, technical indicators on the 1-hourly chart have just started gaining positive traction but maintained their bearish bias on 4-hourly/daily charts and thus, warrant caution before positioning for any further recovery for the major.
Having said that, a convincing breakthrough might prompt some short-covering move and assist the pair to make a fresh attempt towards reclaiming the 0.9800 round figure mark, which is closely followed by the 0.9815-20 support turned resistance.
Alternatively, a pullback from the current resistance zone, leading to a subsequent slide below session lows – around the 0.9735 region, might turn the pair vulnerable and accelerate the slide back towards challenging the 0.9700 round figure mark.
USD/CHF 1-hourly chart
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