FUNDAMENTAL OVERVIEWUSD:The US dollar strengthenedyesterday after Iran rejected the proposed ceasefire and outlined its ownconditions that included closure of all US bases in the Gulf, reparations forthe attacks, lifting of all sanctions and allowing Iran to retain its missileprogram without restrictions. These conditions are ofcourse unacceptable for the US, so we are now in a deadlock. For now, the USdollar is likely to remain supported until there is an official de-escalation.CHF:On the CHF side, the SNBleft interest rates unchanged as widely expected at the last meeting but addedthat their willingness to intervene in the FX market has increased due to theconflict in the Middle East.The central bank has alsorevised the near-term inflation forecast to the upside given the energy priceshock but left all the other forecasts basically unchanged. There’s clearly noappetite for negative interest rates as the SNB expects to counteract downwardpressure on inflation from a strong franc via interventions.USDCHF TECHNICALANALYSIS – DAILY TIMEFRAMEOn the daily chart, we cansee that USDCHF is trading around the major downward trendline. This is wherewe can expect the sellers to step in with a defined risk above the trendline toposition for a drop into new lows. The buyers, on the other hand, will look fora break higher to increase the bullish bets into the 0.8040 level next.USDCHF TECHNICALANALYSIS – 4 HOUR TIMEFRAMEOn the 4 hour chart, wehave a consolidation between the 0.7835 support and the trendline. Traders willlikely continue to play the range by buying around the support and sellingaround the trendline until we get a breakout on either side.USDCHF TECHNICALANALYSIS – 1 HOUR TIMEFRAMEOn the 1 hour chart, we havea minor upward trendline defining the recent bullish momentum. The buyers willlikely continue to lean on the trendline to keep pushing into new highs, whilethe sellers will look for a break lower to increase the bearish bets into thesupport. The red lines define the average daily range for today. UPCOMING CATALYSTSToday we get the latest US Jobless Claims figures. This article was written by Giuseppe Dellamotta at investinglive.com.