The USDCHF is holding a more bullish bias in early trading today as buyers continue to lean against key technical support.
The pair remains above a swing area near 0.8269 and the rising 100-hour moving average, currently at 0.8263. This area has been a clear line in the sand for buyers, helping to stall downside momentum in recent sessions.
To open up more upside potential, buyers will need to push the price above the high from last week and the 38.2% retracement level of the move down from the March high, which comes in near 0.8350–0.8355. A break above that zone would give buyers more runway to the upside and shift the near-term technical bias even more in their favor.
Taking a broader look at the weekly chart, and all for going back to January 2015 comes in between 0.8333 and 0.8373. The floor includes low prices from 2015, 2023, and 2024. Earlier in April, the price fell below that floor area and has been able to stay below that level. On more upside momentum, getting above 0.8333 – 0.8373 is also a requirement to give the buyers more confidence (and disappoint the sellers on the failed break below the floor).
For now, staying above the 100-hour moving average and the swing area keeps the buyers in the driver's seat at least in the short term. A break below would weaken the outlook and shift the focus back toward the 200-hour moving average at 0.8201.
Summary of Key Levels:
Support: Swing area at 0.8269, 100-hour MA at 0.8263. Swing level between 0.8230 and 0.82389. 200 hour moving average of 0.8216
Resistance: 0.8333 high from Friday. 38.2% retracement and swing highs near 0.83505. Swing area from the weekly chart between 0.8333 and 0.8373
This article was written by Greg Michalowski at www.forexlive.com. Read More Details
Finally We wish PressBee provided you with enough information of ( USDCHF holds above key support but buyers need to push higher )
Also on site :
- Could 100 Men Really Take on One Gorilla and Win? We Asked ChatGPT
- Trump sees no red line that would change tariff policy - The Atlantic
- Pope Tawadros meets with mayor of Polish town