The USDCHF extended higher in early North American trading and in the process extended above the high of a swing area up to 0.90978, and briefly breached 50% midpoint of the move down from the May 1 high. That level comes in at 0.91056. However, that shot missed as buyers turned to sellers, pushing the price to a new session lows.
The rotation lower move back down to test the broken 38.2% retracement of the May 2024 trading range at 0.90777, and is seeing a bounce back higher. The price is retesting the 100 and 200-bar moving averages on the 4-hour chart at 0.9089 and 0.90918. Getting above that level and the 0.90978 would once again give the buyers more confidence in what is a up-and-down trading session today in the USDCHF.
KEY LEVELS
- Downside: 0.9077 followed by the 200-hour movie out at 0.90666 and the 100-day moving average of 0.90595
- Upside: 0.90978 and the 50% midpoint at 0.91056
This article was written by Greg Michalowski at www.forexlive.com. Source