Buyers try to tilt more of the bias higher in the pair.
The USDCHF is higher today and traded at the highest level since August 4. Helping the pair today has been a move back above the 100 and 200 hour moving averages. The 100 hour moving average currently comes in at 0.91157. The 200 hour moving average comes in at 0.91269. The 200 hour moving average is currently joined by a rising lower trendline at the 0.9127 area. The combination makes that level a key support level if the buyers are to keep control.
On the topside, the high today stalled ahead of a swing area at 0.91856. The channel topside trend line also helped to put a stall on the rally today.
If the buyers seen since the low last Wednesday are to continue, the 200 hour moving average needs to hold support. Moreover traders need to extend back above the 0.9186 area. The next target would be the 38.2% retracement of the move down from the July 16 high (high is not shown). That level comes in at 0.92091
Taking a broader look at the weekly chart, the last 2 weeks have traded below the swing low week from May 2015 at 0.90708. Each of those moves failed. That may give buyers some hope that the sellers had the chance. It is now time for the buyers to take control. The high today of 0.91835 however, stalled just ahead of the swing low from 2018 at 0.91865. That stall is a negative and increases the levels of importance not only from the hourly chart but from the weekly perspective.
