USDCHF stretches higher toward key resistance targets | Forexlive

The USDCHF continued its move to the upside after breaking above the 100-hour moving average at 0.82556. That level became a springboard for buyers, who stepped in and pushed the pair higher during the session.

Earlier in the week, the 200-hour moving average (green line) provided support, helping to form a base for the current rally.

The next key resistance area comes in between 0.83184 and 0.8333—the highs from Monday and Friday. Just above that sits the 38.2% retracement of the April decline, which comes in at 0.8350. This creates a major target and decision area for traders. Getting above the 38.2% after a trend move is required to show the buyers are willing to take more control. It is the minimum retracement target. Absent a break of it, the buyers are not winning.

Nevertheless, the technical optics are more positive with support at the 200 earlier this week, and support at the 100 hour MA today, showing buying interest. There is work to do, but the buyers are making a play.

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