USDCHF bases against the 100 hour MA today
The USDCHF is trending higher today. Looking at the hourly chart above, the technical “go-ahead” came after the pair tested its rising 100-hour moving average in the Asian session and found willing buyers. That started the process to the upside that took the price above April highs and back above the 0.9000 level. That level is now close support. Can the buyers keep the price above that level and keep the upside momentum going?
Taking a broader look at the daily chart below, earlier this month, the price tested an old swing area from December 2020 and January 2021 and found support buyers. The price has been chopping higher since then, and in trading today moved above a swing area between 0.9000 and 0.90178. Can that momentum continue with a move toward the 38.2% retracement at 0.90564 is the next key target? That is the move down from the 2023 high to the 2023 low.
The price is currently retesting that 0.9000 level as I type. Key support. Will the buyers show up or will the bias shift on the failed break?
USDCHF tests swing area