The USDCHF fell in early Asian trading but found support buyers near the 38.2 of the move down from the end of May high near 0.8779. That is also near a rising trend line and a swing ceiling going back a couple of weeks all near the same area.
If the price is able to stay above that area, the buyers are more in control.
On the topside, a swing area between 0.8805 and 0.8827 is the next upside target to get to and through. Above that and the 50% midpoint of the same move lower comes in at 0.88497. Conversely move below the 0.8879 level, and traders will look toward the rising 100 bar moving average on 4-hour chart at 0.8760 followed by the 200 bar MA at 08735.
For now, the buyers are in control above 0.8779, with work to do to increase that bullish bias.
This article was written by Greg Michalowski at www.forexlive.com. Source