The USDCHF is ticking above the earlier high for the day at 0.9468 and the swing low going back to August 2 at the same level. The price just reached 0.94709.
The 38.2% of the move down from the August 5th came in at 0.9478.
Getting back above each of these levels are small indications that the buyers are winning some of the battles now.
Now if the price is to go higher, there are still some work to be done.Looking at the hourly chart:
- The 50% of the move down from the August 5 high comes in at 0.95107
- The 200 hour MA is at the same level at 0.95107
- The swing low from August 9 is also near that same 0.95107 level
The 200 hour MA is moving lower, but having all those levels near the same level increases the levels importance for both buyers and sellers. For buyers it would would need to be broken IF the buyers are to take more control. For sellers, thay want to see the level hold resistance and rotate back to the downside.
First things first, however, getting and staying above the 38.2% and the low from August 2 is the first more bullish step.. There is some slowing of the upside near those levels.
