USD/CHF: Navigating Potential Rejection at Key Resistance

Technical Outlook and Entry Rationale

Good morning, fellow traders. My focus today is on the USD/CHF pair, which currently trades at 0.87992. Observing the charts, the pair has been in a clear sideways trend, fluctuating within a defined range. We've seen price action largely contained between the 0.877 support and the significant resistance level at 0.8828. Yesterday's price action pushed towards the upper bound of the day range (0.87704 — 0.88279), with the 24-hour change showing a modest increase of 0.22%.
My technical analysis indicates that the pair is approaching a critical juncture. The price is currently situated below the immediate resistance at 0.8828, with the next formidable barrier at 0.885. From a swing and position trading perspective, I am looking for a rejection from these overhead resistance levels to signal a deeper retracement. My short entry is planned at 0.88084, anticipating that the upward momentum we've seen recently is unsustainable given the broader sideways trend and the presence of strong sellers at these higher price points. Remember, we "Trade what you see, not what you think." The chart is