USDCHF buyers break the pair above trend line and 38.2% resistance today

<p>The USDCHF broke above an upward-sloping trendline today along with the 38.2% retracement of the move down from the end-of-June high. Those levels come between 0.8729 and 0.8740. </p><p>Going forward, traders looking for more momentum from the break will likely be disappointed if the price were to move back below those levels. As a result, that area remains a close risk for buyers looking for more upside momentum.</p><p>On the top side, the 50% midpoint of the same move lower comes in at 0.8784. Getting above that level would open the door for further momentum in the USDCHF today and going forward.</p><p>Overall the buyers are more in control above the 38.2% retracement in the short term, but they have more to do if they are to keep increasing trading control. </p>

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