USDCHF chopped higher in trading this week. What next going into the new trading week?

<p>The USDCHF has chopped parsley higher this week. On the downside, a swing area support held near 0.8742. On the top side, there were some modest moves above a swing area high near 0.88193 that failed. However, as we head closer to the close for that week, the price is retesting that swing area between 0.8805 and 0.88193.</p><p>If the price can get above that swing area and stay above the area, the next key target comes against the 50% midpoint of the move down from the June high at 0.88497. A swing area between 0.8851 and 0.8866 is near that midpoint level. Move above that and the 100-day moving average of 0.8902 would start to attract traders' attention as a key resistance target.</p><p>Conversely, should the price move below the 38.2% retracement of the same move higher from the June high at 0.8779, and a swing level at 0.8782, would weaken the bullish bias and have traders looking back down toward the 100 and a 200 moving averages on the 4 hour chart between 0.8739 and 0.87499.</p><p>For now, however, the buyers are making the play with a move above 0.88193 increasing the bullish bias.</p>

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