The USDCHF moved lower with the USD selling off the weaker data today, but after approaching a key swing area between 0.8997 and 0.9005, the price bounced higher. That bounce took the price back above the broken 38.2% retracement of the movement from the March 2024 low at 0.90347.
That 38.2% retracement is a key level that needs to be broken (AGAIN) if the sellers are to take more control. Absent that, and I would be inclined to think that the buyers are making more of a play after sellers had their shot.
Watching the 38.2% as the key barometer for traders today and going forward.
Watch the video above for the details of key levels and why.
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