The USDCHF found solid footing during the Asian and European morning sessions, bouncing twice off its 200-hour moving average at 0.7952 (see green line on the chart above). That level, along with a break back above the 100-hour MA at 0.7945 last week, has helped tilt the short-term bias in favor of the buyers - with work to do.
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.Hence then, the article about usdchf technical outlook buyers lean on support eye key resistance 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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