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   “¢   The pair has been oscillating within a broader trading range over the past 24-hours or so, forming a rectangular chart pattern on the 1-hourly chart.

   “¢   Given the recent up-move from over one-month lows, the consolidative price action could be categorized as a continuation pattern/a pause in the trend.

   “¢   Moreover, the fact that the pair has now found acceptance above 200-hour SMA further support prospects for an extension of the recovery momentum.

   “¢   However, technical indicators on the mentioned chart have failed to gather traction and seemed to be the only factor failing to inspire bullish traders.

   “¢   Hence, it would be prudent to wait for a convincing break through the trading range resistance before positioning for any further near-term up-move.
 

USD/CHF 1-hourly chart

USD/CHF

Overview:
       Today Last Price:  0.9988
       Today Daily change:  2.0  pips
       Today Daily change %:  0.0200%
       Today Daily Open:  0.9986
Trends:
       Previous Daily SMA20:  1.0019
       Previous Daily SMA50:  0.9927
       Previous Daily SMA100:  0.9892
       Previous Daily SMA200:  0.9817
Levels:
       Previous Daily High:  1.0004
       Previous Daily Low:  0.9975
       Previous Weekly High:  1.0012
       Previous Weekly Low:  0.9908
       Previous Monthly High:  1.0096
       Previous Monthly Low:  0.9801
       Previous Daily Fibonacci 38.2%:  0.9986
       Previous Daily Fibonacci 61.8%:  0.9993
       Previous Daily Pivot Point S1:  0.9973
       Previous Daily Pivot Point S2:  0.9959
       Previous Daily Pivot Point S3:  0.9944
       Previous Daily Pivot Point R1:  1.0002
       Previous Daily Pivot Point R2:  1.0017
       Previous Daily Pivot Point R3:  1.0031