Yesterday, the USDCHF traded up-and-down closing near its highs for the day after finding support against the 38.2% retracement of the move up from the March low to the May high.
in the Asian session today, the price continued its move to the upside and extended above its 200-bar moving average on a 4-hour chart at 0.90797. The price also moved above a swing area between 0.9071 and 0.90768. Those levels are now resistance as the breaks above those technical levels failed. The buyers had their shot. They missed.
The pair is trading to a new session low. If the aforementioned resistance levels hold, on the downside the 38.2% retracement of the move up from the March low to the May high comes in at 0.90341 and would be the next key target.
This article was written by Greg Michalowski at www.forexlive.com.
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