USDCHF is currently tackling the 0.9767 high after finding some footing at the 0.9730 level, that being the 23.6% Fibonacci retracement of the up leg from the 56 ½-month low of 0.9182 to the three-month high of 0.9900, and the red Tenkan-sen line. Although the mostly flat and merged simple moving averages (SMAs) around 0.9700 continue to reflect the range-bound market that commenced around early April, the rising Ichimoku lines back the improvement from the 0.9588.
The short-term oscillators partly endorse advances for now. The MACD, in the positive zone, is increasing above its red trigger line, while the RSI hovers under the overbought region. That said the stochastic lines are zig zagging around the overbought section, promoting a possible down move.
Should price jump above the 0.9767 immediate obstacle, buyers could encounter resistance at the upper boundary of the consolidation at 0.9800. Overrunning this key border, could thrust the price to challenge the 0.9827 and 0.9850 highs around the end of March. Next, the forthcoming long-term descending trend line drawn from 26 April 2019 could halt the ascent towards the peaks around the 0.9900 handle.
Should sellers steer below the 23.6% Fibo of 0.9730, the flat SMAs residing at the upper level of the Ichimoku cloud may apply the brakes ahead of the blue Kijun-sen line. A step lower, could meet the 38.2% Fibo at 0.9625 before the lower boundary of 0.9588 comes into play. Diving past this base may see the bears stretch for the 50.0% Fibo of 0.9541 and the important trough of 0.9500.
Overall, the very short-term bias is neutral-to-bullish for now as the pair holds above the Ichimoku cloud and the SMAs. For a clear direction to emerge, the pair would need to break either above 0.9800 or below 0.9588.
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