Buyers take more control above the MA level
The USDCHF moved above its 100 day moving average for the 1st time since May 2020. That is a significant technical break for the pair.
The price is currently within a swing area going back to July and August 2020 between 0.90312 and 0.90495. Get above that level opens up the door for further upside with a topside trend line at 0.9126. Above that and traders will be targeting the 38.2% retracement of the move down from the March 2020 high AND 200 day moving average. Both come around the 0.91933 level.
Drilling to the hourly chart below, you can see rally push above the 100 day moving average ended up finding support buyers that allow the price to base and move higher. That increases the levels support going forward. A upward sloping trendline is also moving toward that 100 day moving average and should provide support in the new trading day.
The USDCHF is continuing the run higher and increase the bullish bias getting above the 100 day moving average today. Stay above it and the new trading day keeps the buyers firmly in control and will have traders looking toward the other upside targets
