The USD/CHF pair moves sideways in the short term. It's located at 0.8851 at the time of writing, far above today's low of 0.8818. Technically, the price action signaled exhausted sellers, an oversold situation. Still, a new leg higher still needs confirmation.
Today, the US Unemployment Claims came in at 209K versus 226K expected, while Revised UoM Consumer Sentiment was reported higher at 61.3 points versus 61.1 points Still, the USD remains sluggish as the Durable Goods Orders and Core Durable Goods Orders disappointed.
USD/CHF Range Formation
Technically, the price action and the RSI showed a bullish divergence on the H1 chart. The rate is trapped between 0.8822 and 0.8864 levels.
Escaping from this pattern should bring us new opportunities. The false breakdowns below the range's support signaled a new bullish momentum.
USD/CHF Outlook
A bullish closure above 0.8864 activates further growth and is seen as a buying signal.
