USDCHF has extended above the swing area between 0.8054 and 0.80628, and is now trading at new highs for July. While price action earlier today moved briefly above and below this zone, the latest dip stalled just a few pips shy of the lower boundary at 0.80545—a sign that buyers are stepping in.A break back below 0.80545 would weaken the short-term bullish bias. Until then, buyers remain in control at least in the short term. On the topside, the next key target is the 38.2% retracement of the May high to July low, which comes in at 0.8102. A move above that level would mark a meaningful shift in control back to the bulls after months of downside pressure.Supporting the bullish case:Yesterday’s session lows found support at the 100-hour moving average, currently rising at 0.7975.Price also broke decisively above the 200-hour moving average at 0.79828, which is now tilting upward again.A prior swing area between 0.8017 and 0.8023 acted as support during the early Asian session today, helping to keep buyers in charge.In short, momentum favors the bulls in the short term, but reclaiming 0.8102 is essential (and a minimum) for a broader trend reversal. Until then, sellers still hold the edge in the medium and longer term.Despite recent buying interest, USDCHF remains sharply lower on the year—down -11.14% from its December close of 0.9077. The pair’s decline in 2025 pushed it to lows not seen since 2011, bottoming at 0.78719.In the short term, there’s a glimmer of optimism: the price has climbed back above the April low of 0.8032, and combined with the move above the key hourly swing area on the hourly chart between 0.8017 and 0.8023, signals an attempt by buyers to stabilize the pair and push the price higher..The key question now: can bullish momentum hold above these support levels, or will sellers return to reassert control? This article was written by Greg Michalowski at investinglive.com.