The USDCHF moved to the lowest level since January 2021 this week, but found support buyers against state support area from the end of 2020/early 2021.
In trading today, the pair got a boost from lower Swiss CPI inflation. That took the price above the 200 hour moving average or support buyers leaned. The US employment report pushed price to the high for the day, before rotating back to the downside.
What next?
The 200 hour moving average is now a key support level. If the buyers are to stay in play and probe higher, stay above the 200 hour moving average of 0.8912 is key (perhaps a move below the 100 hour moving average at 0.8900 is also in play as a more conservative stop for buyers).
If the price can hold sport down to 0.8900, Topside targets become 0.8973, the 0.9000 area and up to 0.9018 where there is resistance from the weekly chart and the hourly chart as well.
To see the reasons, watch the video.