USDCHF has been trading in an upward trend since 9th March. Looking at the pair from a technical point of view, one can see that a correction move is being delivered at the moment. The price reached a key support marked with the lower limit of Overbalance structure two days ago and the buyers did not allow the pair to go lower. However, subsequent test of the downward trendline failed as well and the pair retested the 0.9725 area. Should a break above the trendline occur, upward move may accelerate. On the other hand, breaking below the aforementioned support at 0.9725 will invalidate the bullish scenario. In such a scenario, the 38.2% Fibonacci retracement would be the first support to watch. One should keep in mind that the market is likely to get more volatile at 12:30 pm GMT when US jobless claims data is released.
USDCHF H1 interval. Source: xStation5
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