USDCHF Chart Technical Outlook the bias looks bullish going into big US data
We posted a multiyear low last week of 0.8555. With signals for sentiment oversold extremes in most time frames, USD/CHF has corrected to the upside.
Although we can note some intraday resistance at 0.8718, the focus is on our confluence area at 0.8893.
This is not only two bespoke resistance levels, but also the projected barrier for the completion of the AB leg in a large cypher pattern known as a Crab.
It should also be noted that this zone has been pivotal through June and July.
Conclusion: it is likely that we will see a period of consolidation today. Using our bespoke indicators and cypher pattern analysis, we would look for a stalling in bullish price action close to 0.8893. Tomorrow’s Fed interest rate decision, policy statement, and press conference could be the driver to take the pair to this important upside barrier
