The USDCHF moved lower after the US jobs report but held above support near 0.8632 (the low reached 0.86385 and bounced).

The move back higher has now taken the price back above the 100/200 hour MAs which are near converged near 0.8661. The price has moved to a new high for the day at 0.86937, but is still short of the resistance for the day and for the week at 0.8700.

The pair needs to get and stay outside the trading range that is confining the pair over the last 12 days. Until then, the buyers and sellers will battle between the extremes.

USDCHF Market Analysis

Key Points:

• The USDCHF has been trading in a narrow range of 68 pips (0.8632-0.8700) over the last 12 days.

• Traders are awaiting a breakout.

• Sellers attempted to push prices down but stalled at the 38.2% floor of the July 2024 high.

• Prices rebounded higher, aided by lower-than-expected CPI (0.6%).

• The key resistance level remains at 0.8700 (high reached 0.8685).

Technical Levels:

• Resistance: 0.8700

• Support: 0.8632 (38.2% floor)

• Moving Averages (MAs) between extremes will influence short-term bias (near 0.8661).

Market Sentiment:

Traders are waiting for a clear direction, with sellers failing to sustain downward momentum and buyers seeking a breakout above 0.8700.