USDCHF continues to struggle below key ceiling resistance. Sellers remain in control

Over the past 6 to 7 days, the USDCHF pair has established a resistance range between 0.8755 and 0.8770 (see yellow area on the chart below).

In today’s trading, the pair peaked at 0.8759, just below the falling 200-hour moving average of 0.87595, indicated by the green line in the chart. That high also installed within the yellow swing area.

For the bulls /buyers to gain the upper hand, they must not only surpass this falling 200-hour moving average but also breach and sustain above the ceiling area at 0.87704.

On the flip side, the 100-hour moving average (blue line in the chart below) at 0.87335 played a pivotal role in halting today’s downward trend. For sellers to maintain their dominance and bolster their confidence, breaking below and remaining under this 100-hour moving average is crucial.

Overall, the market sentiment favors sellers, but a decisive move below the 100-hour moving average is needed to solidify their control.

For a full review and discussion of the technicals driving the USDCHF, watch the video above.

This article was written by Greg Michalowski at Source