The USDCHF rallied sharply in today’s session, but the upside momentum stalled right at the lower bound of a key swing area between 0.8017 and 0.8023. This zone has repeatedly acted as both support and resistance going back to late June (see red numbered circles) and remains a major technical barrier to further gains.
Earlier at the start of the day, the pair found solid support at the 100-hour moving average (blue line) and successfully pushed above both the 200-hour moving average (green line) and a swing area resistance area (green numbered circles) between 0.7986 and 0.7994. This area now serves as close support going forward on a further dip lower..
If the price can break above the 0.8023 level, traders will look toward the next upside targets near 0.8054–0.8062, followed by the 38.2% retracement at 0.8102.
However, failure to hold above the 0.7986–0.7994 zone and the 200 hour MA at 0.7980 could open the door for a pullback toward 0.7947, where swing area and 100 hour moving average support converge.
This article was written by Greg Michalowski at investinglive.com.Hence then, the article about usdchf runs higher but stalls at swing area 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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