The USDCHF pushed up to the high end of the 0.8066-0.8076 key swing area yesterday, where sellers emerged and subsequently pushed the price lower today.
Today’s decline found support just ahead of the broken 61.8% retracement at 0.80295, sparking a renewed rally back towards the mentioned swing area.
The pair is now attempting to clear the upper bound of this range. A sustained break higher would open the path for traders to target 0.81027, then 0.81235.
From here, buyers’ main concern is a move back below 0.8066. This would suggest a failed breakout, likely converting current buyers into sellers.
This article was written by Greg Michalowski at investinglive.com.