The USDCHF fell sharply last week, breaking below its 100-day moving average at 0.79753.
The selling extended toward the 61.8% retracement of the move up from the May low to the July high at 0.79519
The low reached 0.7950 before buyers stepped in, pushing the pair back above the 100-day moving average. On Friday, the rebound extended higher, helped in part by comments from SNB Board Member Petra Tschudin, who said the CHF had weakened amid higher inflation expectations abroad and relatively low inflation expectations in Switzerland. After an early dip in Asia-Pacific trading today, buyers returned and pushed USDCHF toward its next key technical target.
That area is defined by the lower end of a broader trading value area that had contained much of the price action going back to mid-June, starting near 0.8029. The high today reached 0.8028, just short of that level. Adding to the resistance is the falling 100-hour moving average at 0.80296.