The USDCHF tried to break lower on Wednesday and again earlier today, but both attempts lacked follow-through. Sellers could not build enough momentum below the 0.7919, and rebounded back to a swing area between 0.7938 and 0.7947. After consolidating near that area, the price based at the 0.7938 before pushing two new highs in the early US session.
The rebound, however, has now run into familiar resistance from key technical levels:
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The 100-hour moving average at 0.7963 is the next upside target
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The 200-hour moving average at 0.79855 would be targeted on a break of the 100 hour moving average
These two moving averages, along with the broken trendline (now a resistance line), represent a critical upside hurdle for buyers, if they are to take back more control in the short term. A move above would shift the short-term bias back to the upside, targeting the 0.8017 area ahead of the highs from last week up to 0.80628
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Until those moving averages can be broken, however, sellers still hold some control, and failure to break the moving average would have traders looking back toward the swing area between 0.7938 and 0.7947.
This article was written by Greg Michalowski at investinglive.com.
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