The USDCHF has rotated lower today, continuing the decline over the last 6 or so trading days.. The price has returned to a familiar swing area between 0.8193 and 0.8212, which has previously acted as the low of an up-and-down trading range (see Red Box). The pair found buyers on the initial test, with price bouncing modestly toward another swing area between 0.8272 and 0.82803. This area is now close resistance.
A break above this zone would shift focus toward the falling 100-hour moving average at 0.83316, followed by the 200-hour MA at 0.83591, both of which represent key upside hurdles.
Until then, the bearish bias remains in place with the descending trendline and moving averages acting as a ceiling
USDCHF Technical Outlook: Price bounces off swing area target.
