The USDCHF is testing a major inflection range that has been tested and failed six previous times this year, five of which took place in January. While our broader directional bias on the pair remains weighted to the topside, the rally is vulnerable here sub key resistance at 9113/33 and we’ll look to sell rallies / short –triggers while below this threshold. Bottom line: staying nimble but looking lower for now with the pullback likely to offer more favorable long entries. A topside breach above resistance puts us back on the long-side targeting resistance objectives into 9200. Note that the average true range has ... (full story)