USDCHF continues to trade within a well-defined range between 0.8794 and 0.8848, with price action currently consolidating just below the top of that band. Earlier today, the pair found support at the 100-hour moving average (0.8827), helping to maintain a modest bullish bias in the short term.
However, momentum now faces a critical test. The first step for buyers is to break and hold above 0.8848, the ceiling of recent ups and downs. A successful push above that would turn attention to key resistance at 0.8862, which marks the 38.2% Fibonacci retracement of the February 28 decline and also aligns with the March 14 swing high—a double-layered technical barrier.
A clean break above 0.8862 would be a bullish development, likely paving the way for further upside.
On the flip side, a move back below the 100-hour MA (0.8827) would weaken the bullish case. In that scenario, traders will shift focus to:
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200-hour MA at 0.8816
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200-day MA at 0.8810
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Range support at 0.8794
For now, USDCHF remains in a neutral-to-bullish stance, but the next move hinges on whether bulls can crack the 0.8848–0.8862 resistance zone or whether bears reclaim control below key moving averages.
This article was written by Greg Michalowski at www.forexlive.com.