The USDCHF is making a renewed push higher in Wednesday trading after rebounding from the 100-hour moving average (blue line) and holding above it yesterday. Sellers had their opportunity to break the pair lower but failed to sustain momentum, allowing buyers to regain short-term control.
The pair has now moved above the 200-hour moving average (green line at 0.82769) and a key swing area between 0.8268 and 0.8280, but bullish conviction remains in question. The high so far has reached 0.8291. A break above this level should open the door to test further resistance targets:
The high from Friday at 0.8306 and the broken 38.2% at 0.8308
A key swing zone between 0.8318 and 0.8333
Failure to hold above the 200-hour MA and the current resistance zone could see the pair rotate back down toward the 100-hour MA at 0.8245 and beyond.
Key levels to watch:
Support: 0.8268, 0.8257 (50% midpoint), 0.8245 (100-hour MA)
Resistance: 0.8291 (high for the day), 0.8306 (high from Friday), 0.8318–0.8333 (swing area)
Bias: Short-term bullish above the 200-hour MA, with momentum needing a break above 0.8306 to extend the upside.
Buyers are trying again—this time with momentum on their side. Will resistance crack?
This article was written by Greg Michalowski at www.forexlive.com. Read More Details
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