USD/CHF remains caught in a bind, stuck between key technical levels

USD/CHF maintains a narrow trading range of 22 pips today

See here for global coronavirus case data

The pair is trading little change on the day now, around 0.9691 as price action continues to be caught in a bind between key technical levels.

Any topside is encountering resistance from the 100-day MA (red line) @ 0.9706 with the 61.8 retracement level @ 0.9720 also helping to provide an area for sellers to lean on.

And so far, that is capping any topside momentum in the pair over the past few sessions.

Meanwhile, downside momentum is limited based on key levels in the near-term chart:

USD/CHF H1 22-04

Buyers have been defending the 100-hour MA (red line) over the past few sessions with a near-term trendline support also developing, helping to add another layer of support.

The 100-hour MA can be seen @ 0.9687 currently.

As such, the pair is basically caught in between resistance around 0.9706-20 and support around 0.9680-87 for the time being. Looking at the near-term chart, there is also further support closer to 0.9667 in the form of the 200-hour MA (blue line).

This is the key battleground for USD/CHF right now. Both buyers and sellers are holding their ground but eventually, something’s gotta give.