The pair didn’t manage to confirm its bounce after a new fail on the 0,85 level near the key resistance at 0,8550.
Next target is now the bottom of the daily range at 0,83 (lower bollinger band).
USD/CHF: daily chart
Despite the sharp reversal we saw after the NFP release, we don’t consider a bearish resumption yet. Indeed, the pair continues to consolidate in a range between 0,83 and 0,8550 since the end of May. Only a daily close below 0,83 would warranty a continuation to the downside.
For the time being, we think the pair will continue to consolidate.