The USDCHF continues to consolidate near highs in up and down trading:
Key resistance:
- There is he resistance at the 100 day moving average at 0.86904. The high price for the week on Wednesday reached 0.86854. Getting above those levels is more bullish.
Key support:
- Close support now comes in at the rising 200-hour moving average at 0.86514
- Break below the 200 hour moving average and the 38.2% retracement of the move down from the July high comes in at 0.86318. That was also the low price from earlier this week
Targets on breaks:
- A break above the 100 day moving average at 0.86904 what next target the 50% midpoint of the move down from the July high at 0.87116.
- A break below the 38.2% retracement at 0.86318 would target a swing area between 0.86078 and 0.8619. The rising 100 bar moving average on the 4-hour chart is also in that area and 0.86116 currently.
For the trading week, the USDCHF trading ranges only 53 pips. which is near the lowest trading range going back to 2002 at least.
This article was written by Greg Michalowski at www.forexlive.com. Source