USDCHF extends the gains today but has swing area resistance to get through

The USDCHF has pushed higher extending modestly the gains seen from yesterday’s trading. That move took the price further into the swing area that was tested yesterday between 0.90449 and 0.90565.

If the buyers are to take more control going forward, they need to get and stay above that area. It would then next target the 61.8% at 0.9072.

If sellers lean here – and seller have a risk focused level to lean against – a move back below the 50% would give the sellers some confidence and then have traders looking toward the 200 bar MA on 4-hour chart at 0.8998 followed by the 100 day MA at 0.8983.

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