USDCHF consolidates the declines after the surprise SNB hike

The  USDCHF  is trading up and down above support and resistance targets.

Looking at the hourly chart, the pair fell sharply last week after the SNB surprise market with a 50 basis point hike.

The move to the downside stalled at 0.96279 on Thursday. Then on Friday, that low was extended to 0.96187. Yesterday saw a low similar to the Friday low.

Going back to the end of May and early June, there were swing levels up to 0.96421.

So the area between 0.96187 and 0.96421 is setting up as a floor ahead of the extremes reached in May and early June. Move below that floor area, and the traders will likely make a push toward those lows (down to 0.95447).

Meanwhile on the topside, there is a resistance area near the 0.9690 and 0.96956 (see hourly chart above). The late afternoon high from yesterday stalled near the low of that area. The high price today stalled short of that area as well. Move above, and traders would next target the 0.97136 to 0.97232 area and the falling 100 hour moving average at 0.9725. It would take a move above the 100 hour moving average to give the buyers more confidence. Absent that and the sellers are still more control.

Taking a broader look at the daily chart below, the moves up and down seen over the last 2 months would make for a nice symmetrical bottom if the 0.95449 area was again tested. That would complete the more recent up and down lap in the pair. Move below 0.95449 and traders will look toward the 100 day moving average down at 0.94930 (blue line in the chart below)

USDCHF is looking to complete the up and down lap