The USDCHF buyers are continuing what they started last week when they moved away from the 50% midpoint of the move up from the December 2023 low (at 0.8777).
The move higher has now taken the price closer to the broken 200 day MA at 0.8880. Also near that level is the broken 38.2% of the move up from the same Dec 2023 low at 0.8883, and a swing area up to 0.8908.
That area, may find willing sellers on a test (watch the 200 day MA). Last week, the price did fall below that level with momentum. Often times, a bounce back rally finds willing sellers against the MA.
On the downside, a swing area (ahead of the 50%) comes in at 0.8818 to 0.8825. That is a key support today and going forward.
This article was written by Greg Michalowski at www.forexlive.com.
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