November 11, 2024 at 04:38PM
The USDCHF has moved higher in trading today and in the process moved above the swing highs from last week and swing area between 0.8772 to 0.8776. That area is now a close risk and bias-defining level. Staying above is more bullish.
The move above that area today has led to an increase in momentum with the price moving to and through the 50% midpoint of the move down from the Mqy 1 high. That level comes in at 0.87986 (near natural resistance at 0.8800).
The price is in trading above and below that level the last four or so hours of trading with a high price of 0.8804. Also in play on the topside is its 200-day moving average at 0.8817 and a swing area from 0.88187 to 0.88251. Get above those levels would open the door for more upside momentum.
So buyers and sellers are battling it out near the 50% midpoint and below the 200-day moving average. That is natural estranged can defined and limited risk against the technical levels. However, the price were to move above the 200-day moving average, the seller leaning now, should look to cover and push the price higher.
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USDCHF Summary
The USDCHF continues its upward trend, testing the 50% target level at 0.87986.
Key Levels:
Resistance
0.8817 (200-day MA)
0.88187-0.8825 (swing area)
Support
0.8772-0.87763 (last week’s highs)
Outlook:
Breaking above 0.88187-0.8825 opens door for more upside momentum.
Moving below 0.8772-0.87763 gives sellers short-term advantage.
Absent a breakdown, buyers remain in control, targeting new highs since July 31.
This article was written by Greg Michalowski at www.forexlive.com.
