USDCHF has been developing within a consolidation area over the last three weeks, hovering around the Ichimoku cloud lately. The short-term oscillators justify the current upside move in the market, with the RSI pointing upwards in the bullish territory, and the MACD extending its positive momentum above its trigger and zero lines.
To the upside, the important resistance region around the upper boundary of the trading range at 0.8925 could prove difficult to overrun. Conquering this, the 0.8946 barrier, taken from the high on December 2020, could halt the climb towards the 0.9018 mark. Higher, the next challenge could occur near the 0.9093 hurdle.
Otherwise, if sellers manage to close decisively below the Ichimoku cloud and the 200-period SMA, the price may seek support near 0.8840. Falling below this, the 0.8757 level could stop the bears from meeting the 0.8210 obstacle, reached on January 2015.
In conclusion, USDCHF maintains a neutral outlook. Any move above 0.8925 or below 0.8840 could determine the next direction in the price.
