The USDCHF is trading in a choppy fashion following the U.S. jobs report, moving above and below its converged 100- and 200-hour moving averages, both currently near 0.8254. The pair has traded between a session high of 0.8275 and a low of 0.8226, effectively bracketing those key technical levels.

The convergence of the moving averages reflects the sideways price action seen over the past eight trading days. As shown in the red box on the chart, the pair has been confined to a narrow 138-pip range, with lows repeatedly forming near 0.8195 and highs capped at 0.8333.

This consolidation phase comes after a steep drop from the April high of 0.8855 to the April low of 0.8039. The current sideways pattern suggests that the market is undecided — weighing whether to resume the broader downtrend or attempt a more meaningful retracement of the April decline.

Overall, a break outside the 0.8195–0.8333 range will be needed to clarify the next directional move.