The USDCHF has moved lower today after sellers successfully defended a key resistance zone yesterday between 0.8108 and 0.8120, an area reinforced by the falling 100-hour moving average (now at 0.81043, slightly lower than yesterday).
The inability to break above those technical barriers on both days kept sellers more in control in the short term at least, with downside momentum accelerating in the early North American session to a low of 0.8082
That move keeps the near-term bias tilted to the downside and buyers on the defensive, but the broader battle for control is far from settled. For sellers to strengthen their grip, they need to push below the next swing support between 0.8060 and 0.8070, and then break the 38.2% retracement of the rally from the late-May low to last week’s high at 0.80491. That retracement remains an important dividing line.
On Thursday and again early Friday, the price briefly traded below it but failed to sustain the break, giving buyers the green light to stage a recovery. Unless sellers can get below 0.80491 and hold there, they are not gaining meaningful control from a medium-term perspective. On the topside, buyers still have a clear to-do list.