USDCHF Rise Above 100MA
USDCHF moved back above the 100 hour MA for the third time in the last five trading days, but failed to sustain the prior two breakthroughs last week. 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 use the 100 hour MA as a close risk level. A drop below with momentum would disappoint the break buyers once again.
USDCHF breaks back above the 100 hour MA
The next key target for the pair is 0.9556. If the pair can move above that level, then the 200 hour MA will become the next key target at 0.95944 on the hourly chart.
The pair today moved to a new low, away from the June 29 low and the Friday low. However, a downward sloping trend line connecting recent lows stalled the fall (early buyers against the level). The buyers were given the green light to push higher when the pair moved back above the swing area.
Now that Momentum is in favor of the buyers, can they keep it going?
