USD/CHF Grinds into Trend Support- Breakout PendingU.S. Dollar / Swiss FrancFOREXCOM:USDCHFFOREXcomThe focus into the start of the month is on this consolidation just above multi-month uptrend support. Weekly resistance was tested last week and is eyed at the yearly open and the 61.8% retracement of the March decline at 7927/41. Strength surpassing this key pivot-zone exposes the median-line (currently ~8000) with a close above the January high at 8041 ultimately needed to clear the 2026 opening-range highs and fuel the next major leg of the advance. Key weekly support rests at 7769/72- a region defined by the 2011 low-week close (LWC) and the 61.8% retracement of the January advance. A break / weekly close below this level would invalidate the multi-month uptrend and threaten a resumption towards the yearly low-week close (LWC) at 7730 and the 2011 low close / 2026 close low at 7669/76. Look for a larger reaction there IF reached. Bottom line: USD/CHF is consolidating just above near-term uptrend support. From a trading standpoint, the focus is on a breakout of last week’s range for guidance- losses would need to be limited to 7769 for the January uptrend to remain viable with a breach above 7940 needed to fuel the next leg of the rally. -MB