This week, the USDCHF has experienced an upward price movement, consistently remaining above the key swing area range of 0.89347 to 0.89472.
The price surpassed this range in yesterday’s trading session and has maintained its position above this threshold today. Looking upwards, there’s a notable trend line at 0.8984, followed by a significant range between 0.8997 and 0.90165. Additionally, the falling 200-day moving average is pegged at 0.90408, serving as potential targets if the upward momentum continues.
Conversely, for the bullish sentiment to be challenged, the price would need to drop below 0.8947 and further to 0.89347. If it breaches this level, traders would set their sights on the previously surpassed 61.8% retracement level from the late May peak, which stands at 0.89204. Move below that level, and I would expect more downside potential with the 100 day moving average of 0.88792 as the key target
This article was written by Greg Michalowski at www.forexlive.com. Source