Technical analysis of USDCHF shows that the currency pair is unable to break out of its current price range.

FundamentalOverviewThe USD got a bit of aboost yesterday as Fed Chair Powell reiterated that 50 bps of easing by year endremains the base case. The market’s probability for the Fed to cut by 50 bps inNovember fell from 51% to 40%.The focus remains on theeconomic data. If we start to see an improvement, then Treasury yields will likelyrise and drive USDCHF higher. Conversely, if the data weakens significantly,the market will start to worry about a recession and take USDCHF lower.For the CHF, the SNB last week cut rates by 25 bps bringing the policy rateto 1.00%. The central bank mentioned that it’s prepared to intervene incurrency markets as necessary and the new inflation forecasts were revisedsignificantly lower signalling more rate cuts to follow.USDCHFTechnical Analysis – Daily TimeframeOn the daily chart, we cansee that USDCHF remains stuck in the range between the 0.8555 resistance and the 0.8400 support. The marketparticipants will likely keep on playing the range by buying at support andselling at resistance until we get a breakout. USDCHF TechnicalAnalysis – 4 hour TimeframeOn the 4 hour chart, we cansee more clearly the rangebound price action. There’s not much to add here aswe will need to wait for a major catalyst or a breakout to see a more sustainedtrend. The US ISM Manufacturing PMI and the US NFP this week will likely bekey.USDCHF TechnicalAnalysis – 1 hour TimeframeOn the 1 hour chart, we cansee that we have a minor upward trendline defining the current bullishmomentum on this timeframe. The buyers will likely keep on leaning on the trendlineto position for further upside, while the sellers will want to see the pricebreaking lower to pile in for a drop back into the support. The red linesdefine the average daily range for today.UpcomingCatalystsToday we get the US ISM Manufacturing PMI and the US Job Openings data.Tomorrow, we have the US ADP report. On Thursday, we get the Swiss CPI, the USJobless Claims and the US ISM Services PMI. Finally, on Friday, we conclude theweek with the US NFP report. This article was written by Giuseppe Dellamotta at www.forexlive.com.