USDCHF moves to the 200 hour MA target | Forexlive

The USDCHF has a spiked higher – with the overall USDs move – with the price moving up to retested 200 hour moving average currently at 0.91068. The high price just reached that level. A move above would next target a swing area going back to March 14 between 0.9115 and 0.91264. Above that and the 38.2% retracement of the move down from the March 15 high comes in at 0.91296.

The current price is trading just below the moving average level as buyers continue to bang against the resistance target.

Needless to say, the 200 hour moving average is a key level from a technical perspective. However, on a break, the price needs to stay above. It was a week ago that the price last moved above the moving average level, but could not sustain momentum. Prior to that, there have been other modest failed attempts (see red shaded areas on the chart above).

With resistance targets on a break up to 0.9126 and 0.91296, getting above those levels would add to trader confidence, and confirm the upside potential.