The USD/CHF is trending higher today after hitting its lowest level of 2024 on Friday, followed by a strong rebound. The price action has seen the pair move above the 100-hour moving average at 0.8464 and the 200-hour moving average at 0.8470. Staying above these levels would give buyers some control, at least in the short term.
On the upside, the next target is the 100-bar moving average on the four-hour chart, which comes in at 0.8505. Beyond that, the 38.2% retracement of the move down from the August high is at 0.8516. Additionally, there is resistance at 0.8536, where a double-top formed during last week’s trading on Monday and Tuesday.
Overall, buyers are making a play for control in the short term. As long as the price remains above the 100-hour and 200-hour moving averages, they maintain their advantage with clearly defined upside targets.
This article was written by Greg Michalowski at www.forexlive.com.