The USDCHF continues to chop back and forth. Yesterday, the pair rallied only to give back all of its gains, ultimately sliding to a fresh low at today’s Asian open — the weakest level since last Wednesday. Since then, buyers have stepped back in, lifting the price above both the 100- and 200-hour moving averages (0.79669 and 0.79704) and up toward the familiar ceiling between 0.7986 and 0.79992. That zone has repeatedly capped upside moves with multiple highs stalling in the same area.
In the past hour, however, the pair has rotated lower again and is drifting back toward the 100- and 200-hour averages. A sustained break below the 100-hour moving average at 0.79669 would tilt the bias back to the downside, with the next key target being the swing zone between 0.7938 and 0.7947.
Conversely, hold support against same moving averages and the battle is between the moving averages and that ceiling area up to 0.8000.
This article was written by Greg Michalowski at investinglive.com.