USDCHF remains in an up and down trading range but with a bearish bias. Here is why.

The USDCHF USD/CHF The USD/CHF is the currency pair encompassing the dollar of the United States of America (symbol $, code USD), and the Swiss franc of Switzerland (code CHF). The pair’s exchange rate indicates how many Swiss francs are needed in order to purchase one US dollar. For example, when the USD/CHF is trading at 1.2500, it means 1 US dollar is equivalent to 1.25 Swiss francs. The US Dollar (USD) is the world’s most traded currency, whilst the Swiss franc (CHF) is the world’s sixth most traded currency, The USD/CHF is the currency pair encompassing the dollar of the United States of America (symbol $, code USD), and the Swiss franc of Switzerland (code CHF). The pair’s exchange rate indicates how many Swiss francs are needed in order to purchase one US dollar. For example, when the USD/CHF is trading at 1.2500, it means 1 US dollar is equivalent to 1.25 Swiss francs. The US Dollar (USD) is the world’s most traded currency, whilst the Swiss franc (CHF) is the world’s sixth most traded currency, Read this Term held resistance near the 100/200 hour MAs today near 0.8966 (both of those MAs are converged - see chart below), but still remains confined by the 116 pip Pip In forex markets, a pip is a percentage in point or price interest point (pip), reflecting a unit of change in an exchange rate. Major currency pairs are traditionally priced to four decimal places – a pip is one unit of the fourth decimal point, or 1/100 of a cent. The exception in this case is the Japanese yen, in which a pip is one unit of the second decimal point. Pips adhere to a rate of change that may be related to a value change in a position of specific currency rates. Forex is traded In forex markets, a pip is a percentage in point or price interest point (pip), reflecting a unit of change in an exchange rate. Major currency pairs are traditionally priced to four decimal places – a pip is one unit of the fourth decimal point, or 1/100 of a cent. The exception in this case is the Japanese yen, in which a pip is one unit of the second decimal point. Pips adhere to a rate of change that may be related to a value change in a position of specific currency rates. Forex is traded Read this Term trading range since June 15. In addition to staying below the MAs (bearish),, the price also moved below a swing area between 0.89347 and 0.8947. That area is now a close risk for sellers. Stay below is more bearish.

Since the jobs report, the high corrective price moved to the high of that swing area, and true to the levels importance, sellers leaned. The close resistance is set.

On the downside, getting below the lows going back to June 15 is the obvious hurdle. Those levels come between 0.8901 to 0.89116. Get below that area, and the pair is exiting the "red box" that has confined the pair over the last 16 days of trading.