• USD/CHF bears are lurking in resistance.
• All eyes on key US events and market structure.

USD/CHF is up by some 0.7% and has rallied from a low of 0.9015 to a high of 0.9109 so far. Meanwhile, investors remained cautious ahead of key policy decisions this week from several central banks, The key event will be the Federal Reserve and according to the CME FedWatch tool, money markets are leaning toward a pause from the Fed when it announces its rate decision on Wednesday

Meanwhile, the technical outlook is clouded by a break of key structure to the downside followed by a strong move to the upside:

USD/CHF daily

USD/CHF broke to the backside of the bullish trendline at the start of June. The pair broke a key structural point on Thursday but has since rallied back to the origin of the move. 

USD/CHF H4 charts

While there could be more to come from the bulls, we are at resistance. A correction towards old resistance could be on the cards as we head into key events this week, including Tuesday's US Consumer Price Index. 

A negative outcome across the events could lead to a break below 0.9000 to target 0.8950.