USDCHF continues upside momentum today but five sellers near keep retracement target

Technical Analysis

The SNB cut rates this week pushing the CHF lower (the USDCHF higher), but sellers showed up on the first test of the 38.2% retracement of the trend move down from 2022 high at 0.90254. Getting above that level is key for the buyers in the pair going forward. If broken to the upside the buyers are proving they can take more control away from the sellers that have been in charge since October 2022.

Today, that hurdle found willing sellers. It does not mean that the level cannot be broken. Buyers made a play this week moving away from its 200 day moving average in the process. However, it still needs to be broken to increase applause buys from a technical perspective.

Support going forward will be either at 0.8887. That was the high price going back to February and the high price from the first trading day of March. A move below that level from longer-term traders, could mean something else is more dominant fundamentally.

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