The USDCHF moved back above the 100 hour MA for the 3rd time in the last 5 trading days. The prior two breaks last week, failed. Today's break is off a lower 100 hour MA at 0.95415. The high price has moved to 0.9559 so far. Traders will now be using the 100 hour MA as a close risk level. Move below with momentum, would disappont the break buyers once again.
On the topside, the pairs next close target comes in at 0.9556. Get above that level and the 200 hour MA becomes the next key target at 0.95944 on the hourly chart.
Earlier today the pair move to a new low and in the process away from the seing low from June 29 and the low from Friday.
A downward sloping trend line connecting recent lows, stalled the fall (early buyers against the level). Moving back above the swing area (see lower yellow area on the chart above - and holding support on the recent dip), gave the buyers the go-ahead to push higher.
Can the buyers keep the momentum going?
