Topside trend line at 0.97241 currently
The USDCHF has moved back above its 100 hour moving average early at 0.97116. The price action since Friday seen the price trade above and below that moving average. So the question is “Can you trust the break?”.
The level is a risk level for longs now. Stay above is more bullish. Move below and it may just be another failed break day for the pair.
The price is running into some topside resistance against a trendline on the hourly chart. That level comes in at 0.97241. Get above it and the traders will start to look toward the 019-7358 area which has been a swing low and swing high over the last 5 or 6 trading days (see yellow numbered circles. The high price yesterday did extend above that line only to reverse and move lower.
There is reason to be skeptical of the break, especially with trend line resistance ahead currently holding. However buyers also have some skin in the game and are making a play to push higher. Who will win the battle?