The USDCHF started the new trading day on a soft note, moving lower during the Asian session and, in the process, breaking below its 200-hour moving average, which currently sits near 0.79457. That break initially tilted the short-term bias back to the downside, but momentum stalled before the pair could retest Friday’s low, signaling that sellers may have lacked conviction at those levels.
As the session progressed, buyers stepped back in, pushing the pair higher and testing the 200-hour moving average from underneath — a move that attracted fresh selling interest on the first attempt. However, when the subsequent low failed to extend below the earlier session low, dip buyers gained confidence, leading to a more decisive rebound.
Over the last few hours, that upward momentum has accelerated, carrying the USDCHF above the 100-hour moving average, currently around 0.7957. Holding above this level would be an encouraging sign for buyers, suggesting that near-term control may be shifting back in their favor.
On the upside, traders will be eyeing the 50% retracement of the October trading range at 0.79739 as the next key target. A sustained move above that midpoint could invite a push toward the swing area between 0.7986 and 0.7994, followed by the psychologically important 0.8000 handle, which has acted as a cap on several occasions this month.
Conversely, if the pair fails to hold above the 100-hour moving average, intraday support will reemerge near the 200-hour moving average at 0.7946 — a level that remains pivotal for defining the near-term bias. Traders will be more neutral and lookiing for the next shove outside the MA borders.
