Looking at USDCHF Chart, 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 the 14th of May 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 17th of May, 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 having support at the 0.988 and overhead resistance at the 1.006 level.

Today we can expect a move close to 1 level possibly in the 1.002 where it was formerly trading at.

However, if it doesn’t manage to keep to the consolidation level, then a move towards the 0.988 support level can be expected.

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