USDCHF is the first major currency pair to extend above its 200 hour moving average ...Middle East

Last week, the pair managed to climb above the 100-hour moving average (blue line) on both Thursday and Friday, but failed to sustain momentum toward the 200-hour MA (green line). Today’s break marks a potential shift in short-term bias in favor of buyers.

On the topside, the next resistance targets are last week’s highs at:

0.82399

Beyond those levels, the 38.2% retracement of the April trading range comes in at 0.82809, followed by a broader retracement level: the 38.2% of the decline from the March high at 0.88547, which comes in at 0.83520.

The technicals are improving, but buyers still have work to do. Holding above the moving averages is critical to keeping the upside momentum intact and shifting sentiment further in their favor.

This article was written by Greg Michalowski at www.forexlive.com.

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