USDCHF Moves Above 100 Hour MA
USDCHF has been teetering on the 100 hour MA for the past few trading days, with three unsuccessful attempts in the last week. However, today’s breakout seems more promising as the 100 hour MA has lowered to 0.95415. So far, the high price has only reached 0.9559. If the USDCHF falls below the 100 hour MA again, it would be a disappointment to those who bought into the breakout.
USDCHF moves back above the 100 hour MA
The next target for the pair comes in at 0.9556. If it can move above that level, then the 200 hour MA becomes the next key target at 0.95944 on the hourly chart.
The pair fell to a new low earlier today, which puts them well below the lows from June 29 and Friday. However, a downward sloping trend line connecting recent lows has 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?
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