USDCHF Technical Outlook: Buyers Lean on Support, Eye Key Resistance ...Middle East

The next key hurdle comes at the 0.7986 high from last Thursday, which briefly broke yesterday before quickly reversing. A more convincing break above that level would shift focus toward the 38.2% retracement of the June decline at 0.8002 — a critical target that could set the tone for further upside. If the buyers are to take more control, they need to get and stay above the 38.2% retracement target.

As long as the pair remains above the moving averages, buyers retain control. A fall back below 0.7945–0.7952 would weaken that narrative and open the door for a deeper retracement toward 0.7920–0.7930. For now, the technicals favor strength, but a break of 38.2% is ultimately needed to build further upside momentum.

This article was written by Greg Michalowski at www.forexlive.com.

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