The USDCHF moved lower earlier this week, breaking below its 200 day moving average and 38.2% retracement of the move up from the December 2023 low. Those levels come in at 0.88958 and 0.8883 respectively.
Today, the Swiss National Bank cut rates by 25 basis points which was a tossup. That sent the USDCHF higher and back above the aforementioned tactical levels.
Going forward, staying above those levels will keep the buyers in firm control. On the top side, the 100-bar moving average on the 4-hour chart at 0.89506 and the 100-day moving average at 0.89631 will be targeted. Getting those levels opens the door for further upside momentum.
Buyers back in control. Can they stay in control? Stay above 0.8883 and the buyers can push higher over time.
This article was written by Greg Michalowski at www.forexlive.com. Source