The USDCHF surged higher on Wednesday following comments from former President Trump on China and on Fed Chair Powell (he will not be fired... today), pushing the pair through recent highs and up to test the 38.2% retracement of April’s trading range at 0.82809. That level held, and the pair rotated back lower.
This comes after USDCHF was the first major pair to move back above its 200-hour moving average on Tuesday—a technically bullish signal that held through yesterday's end of day.
With the price now lower after the 38.2% target stalled the rally, the focus now shifts to the swing area between 0.82307 and 0.82399. Those levels were swing highs from April 15 and April 17 respectively. Staying below this zone keeps sellers in control, with the 100- and 200-hour moving averages acting as key downside support on further selling.
Buyers had a few days of corrective price action. The 38.2% target was tested, and held. The price did it's ABCs but only that on the correction. Sellers still in play but being above the 100/200 hour MAs give the buyers hope too.
Key levels:
Resistance: 0.82809 (38.2% retracement)
Support: 0.82307–0.82399 (swing area), then 100/200-hour MAs
Buyers had their shot off lows
This article was written by Greg Michalowski at www.forexlive.com.Hence then, the article about usdchf rally stalls at key fibonacci resistance after trump powell boost was published today ( ) and is available on forex live ( Middle East ) The editorial team at PressBee has edited and verified it, and it may have been modified, fully republished, or quoted. You can read and follow the updates of this news or article from its original source.
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