The USDCHF Is breaking to the upside and in the process is running away from a cluster of moving averages including its:
- 100-bar moving average on the four-hour chart at 0.87946,
- 100-hour moving average at 0.8798, and its
- 200-hour moving average at 0.8802.
The price is also breaking above a ceiling going back to last week between 0.8818 and 0.88216. That level is now a close risk level.
On the top side, the next target comes against its 200-day moving average of 0.88374. Back on February 13, the price broke above that moving average level, and found support against the level on the next day (on February 14) before breaking below the level on February 15 and running to the downside. A move above the 200-day moving average would increase the bullish bias, and have traders looking toward the high from 2024 and 0.88875, and it 61.8% retracement of the move down from the October high to the December low at 0.88957.
Get above that level and opens the door for further upside momentum.
This article was written by Greg Michalowski at www.forexlive.com. Source