The USDCHF is trading in a neutral zone, caught between the 100-hour moving average at 0.8271 and the 200-hour moving average at 0.82105.

After a sharp decline earlier in April, the pair found repeated support in the 0.8097–0.8128 region, ultimately forming a base after they failed break to April lows at 0.80389. That led to start of a rebound higher.

That rally stalled last Friday, with the price topping out at 0.8333—just below the 38.2% retracement of the March–April decline at 0.83505. A sustained move above this retracement is needed to shift the short-term bias back toward buyers. Until that occurs, the upside remains limited.

Yesterday’s price action saw a dip back below the 100-hour MA toward the 200-hour MA, but attempts to break lower lacked momentum. The pair has since settled into a narrow range between the two moving averages, with current price trading near 0.8227.

Traders will be watching for a decisive break from this consolidation zone. A move below the 200-hour MA would target support near 0.8097–0.8128, while a move back above the 100-hour MA would shift focus to the highs at 0.8318 and 0.8333, followed by the 38.2% retracement at 0.83505.