The USDCHF remains in a technical tug-of-war as the pair tests a pivotal swing area between 0.7986 and 0.7994. A move below would put the price back into a value area down to 0.79197. with the 100-bar moving average on the 4-hour chart (currently near 0.7975) as the next downside target. A move below both could open the door for a deeper correction, with the value area low and 0.79197 in sight.
On the topside, Friday’s rally stalled into a strong resistance zone near 0.8038–0.8058 (see Red circles). It would take a move above that MA and area to increase the bullish bias. Although the USD rebounded last week for the 2nd week, in a row, the price could not get above the 200-bar moving average on the four hour chart, and it also still remains below the 38.2% of the range since the May high at 0.8102. If the price cannot get above the 38.2% retracement of a trend move, the buyers are not taking back control from the sellers.
Key technical levels to watch:
Support: 0.7986 → 0.7995 (swing area) → 100-hour MA at 0.7970 → 0.7957 (low of value area)→ 0.79197 (swing lows from Thursday and Wednesday)
Resistance: 0.8117 (swing area)→ 0.80388 – 0.80628 (swing area)→ 0.80597 and paren 200 bar moving average on the 4 hour chart)
Stay alert.
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This article was written by Greg Michalowski at investinglive.com.Hence then, the article about usdchf testing some key downside target swing area key barometer for buyers and sellers 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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