USD/CHF technical analysis: After one rejection is a second too much?

• USD/CHF moved lower as the risk enviroment shifts.
• Today the pair is trading 0.33% lower and is testing technical support.

USD/CHF 4-Hour Chart

Last week the pair broke out of the trendline to move higher after a strong bout of positive risk sentiment.

Now the major pair has moved back inside the trenline but we have to wait for the 4-hour candle to close for confirmation.

Some analysts were looking to see if the 1.000 level would be challenged but it was a step too far this time out.

If we do indeed see a rejection the psychological (1.000) area is an obvious target.

On the daily timeframe, it seems we are still in a consolidation sideways trend. Only a  break of either 1.0027 or 0.9841 can change this.

Additional Levels