Technical outlook:
USDCHF has moved around 30-50 pips in the last 24 hours after dropping through the 0.9600-10 zone on Monday. The currency pair is seen to be trading close to 0.9650 at this point in writing and might produce a short-term rally towards the 0.9800-0.9900 area. Bulls might want to hold prices above 0.9550 to keep the structure preferable.
USDCHF has produced a strong rally since January 06, 2021, having carved a major bottom around 0.8760. The currency pair has carved a major upswing towards 1.0064 before beginning to oscillate within a potential triangle. If the above-proposed structure holds well, prices will remain within the above range between 0.9550 and 1.0064.
USDCHF has fount interim support at around the Fibonacci 0.382 retracement of the recent upswing between 0.8930 and 1.0060. Ideally, prices would not drop through 0.9470 if it consolidates with a triangle. A high probability remains for a push above 1.0060 after the triangle consolidation.
Trading plan:
Potential triangle consolidation range of 0.9550 to 1.0060.
Good luck!
