USDCHF finds buyers at key swing floor after rally stalls short of retracement target | Forexlive

The USDCHF moved higher yesterday on the back of broad USD strength, but momentum stalled before reaching the 38.2% retracement of the March–April decline at 0.84823. The high price reached 0.8475. That retracement level remains a critical hurdle for any sustained recovery. Absent that, and the correction higher is just a plain-vanilla variety and keeps the sellers in play.

Today, price action has rotated lower but found support at a well-defined swing area between 0.8368 and 0.84087 — a zone that has served as a floor going back to August 2024. Buyers stepped in as the pair tested the lower end of that support band during the European/early US session.

Also helping to reinforce the support is the falling 200-bar moving average on the 4-hour chart, which currently sits near the swing low. That technical confluence is attracting dip buyers, at least for now. The current price is above the swing area high at 0.84087.

Support holding on the dip has set the stage for the battle between the buyers down to 0.8369 and the sellers up to 0.84823.

In summary, bulls will need to see a break above 0.84823 (38.2% retracement) to tilt the bias more favorably to the upside. On the downside, a break back below 0.8368 would open the door toward deeper targets and shift the bias firmly back to bearish.

Key technical levels:

• Support: 0.8368–0.84087 (swing area), 0.8318 to 0.8340 (swing area), 0.82723 (low from late April)

• Resistance: 0.84823 (38.2% retrace), 0.85309 to 0.85573 (swing), 0.86193 (50% retrace)

• Bias: Neutral above 0.8368; bullish above 0.84823; bearish below 0.8368

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