USDCHF sideways ahead of US GDP figuresThe USDCHF currency pair price action sentiment appears bullish, supported by the longer-term prevailing uptrend. The recent intraday price action appears to be a sideways consolidation.
The key trading level is at 0.8946, the previous consolidation price range, and the rising support trendline zone. A corrective pullback from the current levels and a bullish bounce back from the 0.8946 level could target the upside resistance at 0.9033 followed by the 0.9050 and 0.9087 levels over the longer timeframe.
Alternatively, a confirmed loss of the 0.8946 support and a daily close below that level would negate the bullish outlook opening the way for a further retracement and a retest of 0.8913 support level followed by 0.8860.
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