The buyers had a shot in the USDCHF on a break of the 100 hour MA at 0.91334. They missed.
The sellers had a shot on a break below the 200 hour MA at 0.91316. They missed.
The failed breaks frustrates “the market”. And suggests both the buyers and sellers don’t really know which way the market is going to go at these levels.
As a result, traders can sit tight until there is a clear directional bias. Using the hourly moving averages is not a bad idea. However, you just need to be aware that if momentum fails in the direction of the break, get out.
This article was written by Greg Michalowski at www.forexlive.com. Source