The swissie failed to break lower as expected and is still consolidating within a range. It could break out either way, with a move above the key 0.9207 highs indicating the possibility of a resumption of the up-trend and a target of 0.9300, and a breach of the swing lows at 0.9114 signalling a possible extension of the corrective downtrend and a target of 0.9015.

Analysis prepared by:

Joaquin Monfort
Forex4you analyst