USDCHF breaks key resistance levels, maintains bullish bias

<p>The USDCHF moved higher off of the Fed Chair comments and in the process has extended above its 200-hour moving average currently at 0.9024 and the broken 38.2% retracement of the move up from the October 24 low. That level comes in at 0.9026. Staying above both those levels would now keep the bias more to the upside. </p><p>Conversely, a move below and traders would likely be disappointed in the failed break.</p><p>Helping the bullish bias is that the price is also above the 100-hour moving average currently at 0.8994, and the 200-day moving average at the 0.9000 level. Before the run to the upside, the price based near that 100-hour moving average (at 0.8994 currently) keeping the buyers "still in play". The break above the 200-hour moving average increased the buyer's control.</p>

This article was written by Greg Michalowski at www.forexlive.com.