The USDCHF is moving higher after stronger-than-expected PPI data showed a 0.9% gain in July. The rally has pushed the price back above the broken 38.2% retracement level at 0.80711—a key area that capped gains in yesterday’s Asian session before the pair rotated lower. Price action is now moving away from the 100- and 200-hour moving averages near 0.8075, and holding above these levels will keep the technical advantage with buyers.
The next upside target is the ceiling from last week’s trading near 0.80893. A break above this resistance would open the door for further bullish momentum. Yesterday’s sharp dollar selloff drove USDCHF below the 50% retracement toward the support zone between 0.8017 and 0.80233, where sellers stalled and the market began to rebound.
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With today’s push back above the confluence of technical levels between 0.8071 and 0.80756, buyers have taken control, shifting momentum firmly in their favor.
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