USDCHF has reached a new session and weekly high at 0.88518, slightly above yesterday’s peak of 0.88516. This level also aligns with the 200-hour moving average, making it a key technical resistance. Sellers have initially defended this area, pushing the price back down to 0.88406.

A confirmed break and hold above the 200-hour MA would be significant, as it would mark the first move above this level since March 3. If buyers gain control, the next upside target is the 38.2% retracement of the February 28 decline at 0.88637.

On the downside, today’s session low found support near the 100-hour moving average, suggesting that buyers are stepping in at lower levels. The price has also been fluctuating around the 200-day moving average at 0.88156, but today’s upward move is pulling it further away from this key longer-term trend indicator.