USD/CHF Bulls Rejected at Key ResistanceU.S. Dollar / Swiss FrancFOREXCOM:USDCHFFOREXcomA rally of more than 3.7% off the monthly low exhausted into confluent uptrend resistance this week. Price has fallen more than 1% from the high and while the broader outlook remains constructive, daily momentum divergence suggests the immediate advance may be vulnerable here. The focus is on possible inflection off this zone in the days ahead for guidance. USD/CHF continues to trade within the confines of an ascending pitchfork extending off the February low with the upper parallel highlighting resistance at 7926/27- a region defined by the 2026 yearly open and the 61.8% Fibonacci retracement of the November decline. Note that the 200-day moving average was tested this week just higher at 7958 and ultimately a breach / close above the 1.618% extension of the January advance at 7974 would bee needed to fuel the next major leg of the advance. Subsequent resistance objectives are eyed at the yearly high-day close (HDC) at 8033 and the November HDC at 8101. Initial support rests with the 38.2% retracement of the January advance and the 2025 swing low at 7823/29. Note that the median-line converges on this zone and a break / close below this slope would suggest a more significant correction is underway within the broader uptrend. Key support / bullish invalidation rests with the 61.8% retracement which converges on the lower parallel next week at 7740. Losses below this threshold would invalidate the multi-month uptrend and shift the focus back towards the objective monthly open at 7695. Bottom line: USD/CHF responded to confluent uptrend resistance this week- risk for inflection off this level in the days ahead. From a trading standpoint, losses should be limited to 7823 IF price is heading for a breakout on this stretch with a close above 7974 needed to fuel the next major leg of the advance. -MB