The USDCHF found solid support yesterday at a key swing area near 0.81931 to 0.82120, a zone that had previously acted as a launchpad during the early May rally. Buyers leaned against that level yesterday, halting the recent downside momentum and triggering a bounce.
Today, the pair is moving modestly higher and is now testing a higher resistance zone — the swing area between 0.8272 and 0.82803. This level has been a recurring pivot in recent weeks (see red circles), with both buyers and sellers using it as a battleground. A break above this area would open the door toward the 100-hour MA (blue line currently near 0.8308) and the 38.2% retracement level of the May range at 0.83087.
Staying below 0.82803 keeps the near-term bias more neutral-to-bearish, especially as the price remains under the 100 hour MA, the 38.2% retracement and the downward sloping trendline. Conversely, a break above the current resistance zone could shift momentum further in favor of the bulls but with those targets looming above.
Key levels to watch:
-
Support: 0.8257(50% retracement)
USDCHF bounces from key support and tests overhead resistance
