USD/CHF - Sell Short Term Bounces
USD/CHF continues to move broadly sideways, as can be seen by the failure to break the hourly resistance at 0.9885 (01/09/2016 high), the shortterm technical structure is negative. There are alternating periods of strong and low volatility and the pair seems without direction. Key resistance lies at 0.9956 (30/05/2016 high). Support can be located at 0.9662 (28/09/2016 low) then 0.9662 (26/09/2016 base low).
In the long-term, the pair is still trading in range since 2011 despite some turmoil when the SNB unpegged the CHF. Key support can be found 0.8986 (30/01/2015 low). The technical structure favours nonetheless a long term bullish bias since the unpeg in January 2015.