The USDCHF buyers tried to move higher on Friday/today, but found willing sellers near swing area resistance. That resistance came between 0.8815 and 0.8827. The highs on Friday reached 0.8820. The high price today reached 0.8816. The inability to get above that swing area (and the higher 38.2% retracement at 0.88364), has kept the sellers in play, and kept the battle on between buyers near the 100/200-hour moving averages (between 0.8747 and 0.8762), and the swing area/38.2% retracement between 0.8815 and 0.8836.
With the Federal Reserve and the Swiss National Bank both scheduled to announce their most recent interest-rate decision this week, consolidating between support and resistance is not all that surprising. Also on the docket are the ECB and Bank of England which will give traders lots of opportunities to react to the USDCHF and all the major currency pairs.
For traders, it is important to understand the key levels in play and what would tilt the bias more in the direction of the buyers or the sellers. This video outlines those levels.
Be aware. Be prepared.
This article was written by Greg Michalowski at www.forexlive.com. Source