The USDCHF moved lower with the USD selling off the weaker data today, but after approaching a key swing area between 0.8997 and 0.9005, the price bounced higher. That bounce took the price back above the broken 38.2% retracement of the movement from the March 2024 low at 0.90347.
That 38.2% retracement is a key level that needs to be broken (AGAIN) if the sellers are to take more control. Absent that, and I would be inclined to think that the buyers are making more of a play after sellers had their shot.
Watching the 38.2% as the key barometer for traders today and going forward.
Watch the video above for the details of key levels and why.
This article was written by Greg Michalowski at www.forexlive.com. Source