USDCHF’s impulse move opens up potential to retest 0.9688 area

USDCHF made a new low at 0.9495 on 6/29/2022, breaking below the prior low at 0.9455 on 5/27/2022. However, the pair quickly bounced back via an impulse move and reached 0.9641 on 7/1/2022 before consolidating. On the 15min chart, if the pair breaks above 0.9617 level, it has the potential to extend the upmove to retest the 0.9688 area. However, if the pair falls below 0.9595 area, then it will be range bound above the 0.9500 support.