The USDCHF has made a notable technical breakout, moving above a key consolidation area and extending higher toward retracement resistance.
On the hourly chart, the price had been confined within a red-box consolidation zone, capped by resistance near 0.8333. After several failed attempts, the pair finally broke above the top of that box and found support on a retest, using the 0.8333 level as a base to push higher.
On the 4-hour chart (see chart below), the pair surged into a key swing area between 0.8373 and 0.84087, which also includes the 200-bar moving average, currently near 0.8383. The price broke above the area with momentum today. This zone is now a critical support area and represents close risk for buyers looking to maintain the bullish momentum.
To the upside, the next major resistance comes at the 38.2% retracement of the move down from the January high, which is being tested near 0.84823. A move above this level would open the door for further upside extension and represents the minimum retracement target to get to and through if the buyers are to take more control. .
Summary:
Breakout above hourly range high at 0.8333, now support.
Support zone: 0.8373–0.84087 (includes 200-bar MA on 4-hour at 0.8383).
Resistance: 38.2% retracement at 0.84823.
A hold above the 4-hour swing area support keeps the bias tilted higher, but getting above the 38.2% retracement is a required target for the buyers
This article was written by Greg Michalowski at www.forexlive.com.Hence then, the article about usdchf technical update price extends higher after breaking out of consolidation 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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