Since July 3, USDCHF has been trading within a tight 74-pip range, with support near 0.79197 and resistance capped near 0.7994. In between, the 100- and 200-hour moving averages, currently at 0.79625 and 0.79587 respectively, are converging—highlighting the pair's growing indecision.

On Tuesday, the low price stalled just ahead of the 200-hour MA, giving buyers a reason to lean in. The pair rebounded toward resistance, but sellers emerged near 0.7982, just below the key swing area between 0.7986 and 0.7994. In the Asia-Pacific session, the pair rotated back lower.

On the downside, the 200-hour MA has been breached several times over the last few hours, but no hourly closes below have materialized, signaling a lack of bearish momentum. This choppy behavior reflects a broader market indecision.

Trading strategy:

• Bullish bias: Buy dips with stops just below the 200-hour MA, banking on continued support from dip buyers.

• Bearish bias: Stay patient—sell near the highs or on a confirmed break and close below the MAs, hoping for a shift in sentiment from dip buying to rally selling.

Until a clear break of this range develops, USDCHF remains a frustrating but technically instructive pair to trade.