The USDCHF bounced off the high of a swing area between 0.91179 and 0.91264. The low price today reached 0.91253 and currently trades at 0.91415. The holding of that support area increases the areas importance going forward for buyers and sellers. The move below would increase the bearish bias. Stay above and the buyers are still in play despite the pair being below technical levels like the 100 and 200 are moving averages.
What would give the buyers against the swing area some added comfort?
Looking at the hourly chart, the 0.91545 level was home to swing lows going back to March 24 and March 27. The price moved above that swing area on Tuesday's trade moving up to highs at 0.9222 on both Tuesday and Wednesday. That level at 0.91545 is also home to the underside of the broken trendline connecting recent lows. Getting above, would give the dip buyers against the lower swing area some added comfort that the low may be in place.
The 100 hour moving average at 0.91779, and the 200 hour moving average at 0.91956 would be additional upside targets to get to and through to shift the short/medium term bias back more in the favor of the buyers.
Alternatively, holding below 0.91545, would keep the sellers firmly in control and likely lead to a break of the lower swing area going forward.
