USD/CHF Price Analysis: Sideways churn continues

• USD/CHF trades in a narrow range for the fifth straight day. 
• A daily close above 0.98 would confirm a range breakout.

USD/CHF is trading near 0.9745 at press time, representing a 0.15% gain on the day. 

While the pair is flashing green, it is still trapped in the recent trading range of 0.9710-0.98. As a result, immediate bias remains neutral. 

A close above 0.98 would confirm range breakdown and open the doors for at least a 100-pip rally. Alternatively, a move through the lower end of the range would imply an end of the upward move from the March 30 low of 0.95 and would shift risk in favor of a drop 0.9592 (April 15 low). 

The 14-day relative strength index is currently hovering in the bullish territory above 50. If the RSI is a guide, the pair could soon see a bullish breakout. Indicators, however, tend to follow price. 

Also, the broader trend will turn bullish if and when the spot clears the resistance of the trendline falling from April 2019 and November 2019 highs. As of writing, that resistance is located at 0.9876.

Daily chart

Trend: Neutral

Technical levels