Today’s broad USD weakness has pushed USDCHF back to the upper boundary of the lower swing area (0.8965 - 0.8975), with the latest low touching 0.8975. This level now acts as a critical barometer for buyers and sellers heading into the next session.
Support:
0.8965 (break below here could open the door for further downside)0.8914 - 0.8927 (next key support zone)0.8882 (38.2% retracement of the December-February rally)0.8800 (100-day moving average)0.8997 - 0.9011 (higher swing area, reclaiming this would signal a continuation of the range-bound pattern)0.9054 (recent high, a break above strengthens bullish momentum)
A break below 0.8965 could accelerate downside momentum toward 0.8914 - 0.8927. However, if buyers defend this support, a rebound toward 0.8997 - 0.9011 would reinforce the ongoing range-bound price action that has defined USDCHF over the past two months.
This article was written by Greg Michalowski at www.forexlive.com. Read More Details
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