USDCHF extends higher and tests 100/200 hour MA
The USDCHF pushed to a new session high today, but the rally is running into a key resistance zone overhead. At the same time, oil prices are moving higher on fresh geopolitical headlines, including reports that Israel has begun military operations in southern Lebanon. President Trump is also expected to hold a cabinet meeting at Camp David. Normally, cabinet meetings include press access, so the Camp David venue may suggest discussions are intended to remain more private. Crude oil is trading near $94 after reaching a high of $94.51.
From a technical perspective, the USDCHF rallied to test the converging 100- and 200-hour moving averages at 0.7853 and 0.7857 respectively. The price reached 0.7858 before backing off slightly and currently trades near 0.7850. Earlier in the day, the pair moved back above its 100-day moving average at 0.7838 after falling below that level during yesterday’s dollar selling. Yesterday’s low stalled near the May 14 swing low at 0.7807, where buyers stepped back in.
Today, after successfully retesting the broken 100-day MA, buyers pushed the pair back above that key barometer and have kept the price above it since. To tilt the bias back fully in favor of the sellers, the pair would need to move back below the 100-day MA at 0.7838. For now, however, the market is caught between support at the 100-day MA below and resistance at the 100- and 200-hour MAs above, keeping the bias more neutral as buyers and sellers battle for the next shove in momentum. A break below 0.7838 or above 0.7857 should help determine the next directional move.
This article was written by Greg Michalowski at investinglive.com.提供 MainLink：Investinglive RSS Breaking News Feed
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