The USDCHF continues to trade within a well-defined range, with repeated attempts to break above the 0.8840–0.8848 zone (see red-numbered circles on the chart) failing to gain traction. Today’s failed push above resistance has kept sellers active, with the pair drifting back lower while remaining within the broader consolidation area.

The downside move has brought price back to the closely converged 100-hour and 200-hour moving averages, currently between 0.8824 and 0.8827. That zone is now acting as short-term support. Traders are testing that area at the moment, and the next move will help define near-term direction.

A break below the moving averages would tilt the bias more firmly in favor of sellers. On the other hand, holding above this support keeps the buyers in control — at least in the short term — and preserves the chance for another test of the range highs.

Key scenarios:

🔼 A sustained break above the 0.8848 range top would be a bullish signal, opening the door toward the 38.2% retracement at 0.8862.

🔽 A break below the 100/200-hour MAs would shift the bias back to the downside, targeting the 200-day moving average at 0.8808 and the key swing low zone between 0.8794 and 0.8799.

With price compressing between well-defined support and resistance levels, a breakout appears likely — and traders should be alert for momentum signals in either direction.