USD/CHF taking a breather

USD/CHF is taking some retracement after touching bottom of the long term downward channel. USD/CHF seems to move in a very smooth manner and there is no such indication at the moment that it is looking to do something different. The current retracement is looking to test 0.8195 level and in case USD/CHF extends its upward retracement, the next target can be seen around 0.8330 level. And if the upward momentum carries on then the next level will be at 0.8500 level.

Keeping in mind the current situation, it seems that USD/CHF will not extend the retracement much above 0.8330 level and traders will be mostly selling USD/CHF around that level. On the lower side 0.8050 seems to be the initial target.

Looking at the different moving averages used in daily charts, it seems that the USD/CHF is currently looking to test the short term moving average and in case manages to break above that will look to challenge medium term moving average. The both moving averages are around the same levels as discussed above. So it also shows the importance of 0.8195 and 0.8330 levels. RSI is just above 34 and seems to have gathered enough space to allow USD/CHF to take a dip towards 0.8050 level.

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