USDCHF bounces off swing area support target and rotates to a new session high

Sellers in the USDCHF tried to extend it to the downside in the early New York session, but were thwarted by swing area support between 0.88187 and 0.88251. The low price reached 0.88205 before bouncing back to the upside.

That move higher has now taken out the prior high for the day at 0.8844 and now looks toward the high price from last week and Friday trade at 0.88524 as the next target to get to and through to give the buyers more confidence.

Moving above that level should open the door for increased upside momentum especially given the narrow range for the pair today. At only 25 pips that is still 20 pips short of the average over the last month of Training at 45 pips.

This article was written by Greg Michalowski at www.forexlive.com.