The USD/CHF pair is currently stuck below the 20-day Simple Moving Average (20-SMA) as buyers wait for a breakout opportunity. The pair has been struggling to make a significant move, with buyers and sellers locked in a tight range. The 20-SMA is acting as a key resistance level, preventing the pair from moving higher.
Traders are patiently waiting for a breakout above the 20-SMA, which could potentially lead to a bullish momentum. However, until that happens, the pair remains trapped below this important moving average.
The USD/CHF pair has been trading in a narrow range, with both bulls and bears unable to gain control. The lack of a clear direction has kept traders on the sidelines, waiting for a breakout opportunity.
Overall, the USD/CHF pair is currently facing resistance at the 20-SMA, with buyers eagerly awaiting a breakout above this key level. Until then, the pair remains stuck in a tight range, with no clear direction in sight.