Technical Analysis

USDCHF buyers push above the 200 hour MA but can the momentum continue

USDCHF tries to extend above 200 hour MA

The USDCHF started the day and moved lower. The move, took the price below the 100 hour MA (blue line currently at 0.92824) where it stayed (on a closing basis) until the late London morning session, when the price moved back above the MA level.

The subsequent more to the upside has seen a move above the 200 hour MA over the last three hourly bars, but no closes above that MA level.

The current bar is back above the MA line and threatening to close above that MA line as well. That should be more bullish for the pair and have traders looking toward 0.9244 high from Wednesday, followed by the 61.8% of the move down from the January 12 high at 0.92548. Move above each would give the buyers more confident.

Conversely a move back below the 200 hour moving average and 50% retracement at 0.9322 and the swing low from January and 0.92171 would disappoint the buyers looking for more upside momentum.

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