Looking at USD/CHF, we can see the uptrend extending into this week rising from the 0.988 level on the 12th of May to the 1.004 range on May 17 and reaching as high as 1.006 on the 17th.
It managed to consolidate in the 1.004 range for a couple of days, but near the end of the session on the May 17, it started retracting, falling to the 0.992 range where it managed to form support.
It was last found trading at the 0.994 level with support at 0.988 and overhead resistance at the 1.006 level.
Today we can expect a move close to 1, possibly in the 1.002 level, where it was formerly trading. However, if it doesn’t manage to keep to the consolidation level, then a move towards the 0.988 support level can be expected.
