USD/CHF Range Bound

USD/CHF appears to be caught in a range between 1.0140 and 1.0030. The pair has been consolidating since the beginning of February, right after it ended a short lived move to the upside going from 0.9870 to 1.0120.

The US dollar is now trading at 1.0116 for a Franc, again beating the Swiss currency on strong US fundamentals. The pair was below parity just for a few days before the US bulls took over and bought the dip.

Main trend on the short-term remains bearish with immediate target at 1.0140, a double bottom. On the long-term major bull target is seen at 1.0340.

On the other hand, if the US economy fails to provide data that meets the expectations, price will most certainly retreat to levels below parity with major bear target at 0.9850.

Chart: USD/CHF H4