The USDCHF extended higher today, building on momentum from stronger U.S. data including jobless claims, Philly Fed, and retail sales. The pair pushed above the key swing area between 0.80388 and 0.8055, a level that had previously acted as both support and resistance.
However, the bullish breakout was met with selling interest, and the price has backed off slightly, dipping back into the yellow swing zone. Buyers will need to hold above 0.80388–0.8055 to maintain short-term control.
Looking ahead, the next upside targets if the buyers are to take back move control include:
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The 200-bar moving average on the 4-hour chart at 0.80719
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The 38.2% retracement of the April–June decline at 0.8102
Failure to stay above the swing area could discourage bulls and open the door for a deeper retracement. But for now, the buyers are trying to build a base for further gains.
This article was written by Greg Michalowski at investinglive.com.
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