USD/CHF Takes Breather

A regain in risk appetite keeps the US dollar in check. A drop below 0.9960 led intraday buyers to take profit. The price is taking a breather after it broke above the double top at 1.0040, a key resistance on the daily chart. The bullish breakout may have paved the way for an extended rally in the medium-term. The current pullback might be an opportunity for the bulls to stake in. 0.9880 over the 20-day moving average is the first support and the RSI’s oversold condition may attract bids. A close above 1.0030 would resume the uptrend.

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