Looks toward the next upside targets
The USDCHF bottomed on Friday at the 0.90557 level. The moved to the upside extended up toward its 100 hour moving average (blue line) but found initial sellers against that area.
Today, after opening a little lower than Friday's close, the pair started to rebound higher. The price broke above its 100 hour moving average (blue line) and after a retest of that moving average line, buyers took the price even higher.
The pair has now broken above a swing area around the 0.91856 level and also its 200 hour moving average at 0.91904. The break above the 200 hour moving average was the 1st since July 17 when both the 100 and 200 hour moving averages were broken. The moving average is now a risk level for longs looking for more upside momentum. Stay above is more bullish move below would put the sellers back in control.
On the topside, the pair is approaching a swing area from July 24 to July 28 between 0.9225 0.9229. A move above that level would target the 50% retracement at 0.92614.
Buyers are making a play and breaking through some resistance levels in the process
