USDCHF moves above the 38.2% and in the process the 0.9100 level

Room to roam....

The USDCHF has is seen the price run above the 38.2% retracement of the move down from the July 20 high. That level came in at 0.90995, just below the natural resistance at 0.9100.  Breaking above that level sets it as the close risk now for traders.  Stay above is more bullish. Move below and some of the "bull" goes out of the price action intraday.  Be aware.

The next target comes in at the 50% midpoint at 0.91248 and just above that a swing area between 0.9128 and 0.91326.  The 100 day moving average is up at 0.91401. The price fell below that moving average and away from it back on July 28.

With the price moving away from the hourly moving averages below (note the pair based against the 100 hour moving average yesterday - see blue line), and reaching and getting above the 38.2% retracement, the buyers are making a play to take more control.  Can they keep it?   Stay above the 38.2% retracement would be positive for the break. There is room to roam above if it can hold support. 

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August 07, 2021 at 01:31AM
Greg Michalowski
https://ift.tt/3ChdnTX