That failure proved crucial. When today’s low successfully held at the April trough (0.80388), it attracted bargain hunters and profit-takers, turning sellers into buyers. The bounce accelerated as the price moved back above the June 13 low at 0.8054, which now serves as close support. The rebound has shifted short-term momentum to the upside, but staying above the old June low would certainly give the buyers more confidence - as would reaching and surpassing upside targets.
Key technical levels:
Resistance: 0.8088, 0.8130 (100-hour MA), 0.81377 (200-hour MA)
The technical bounce off a historically significant low and the failure to extend below 2011 levels give buyers a tactical edge—at least for now.
This article was written by Greg Michalowski at www.forexlive.com. Read More Details
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