On the daily chart below, we can see that the USDCHF sellers leaned on the red long period moving average as the price pulled back due to the Credit Suisse crisis. As things calmed down and the bank was acquired by UBS, the CHF strengthened again as the US Dollar remained weak due to the repricing lower in interest rates expectations and the big fall in Treasury yields.

USDCHF technical analysis

After a quick selloff out of the less hawkish FOMC decision, the market started to range as the US data keeps on coming in hot despite the recent events in the banking sector. The market will now look at the next economic data to decide where to go next.

On the 4 hour chart below, we can see that the buyers are struggling to break above the 0.9209 resistance, but the momentum is switching in their favour as shown also by the cross to the upside of the moving averages. The market will now wait for the US Jobless Claims data tomorrow and it’s likely that we will see the pair rallying in case the data beats expectations and falling in case it misses.

On the 1 hour chart below, we can see that the pair recently has traded in ranges. We got the first blue one when Credit Suisse started to have issues and then we broke it as UBS bought it. Then we had the yellow one as the market was waiting for the FOMC decision, and ultimately broke down as the Fed sounded less hawkish.

Now, we are trading again in a rangebound environment, but the price is printing higher lows as the buyers try to break to the upside. This may be a sign that we are near a breakout, and we just need a fundamental catalyst which may be the US Jobless Claims report tomorrow.