As the week moves to a close, the USDCHF is higher on the week, but did find willing sellers against a topside swing ceiling. That ceiling stalled near 0.9146-0.9156. The price has rotated lower.
However, the close support at the 61.8% of the move down from the April/May 2024 high is stalling the decline today at 0.9133.
So going into the new week, both those levels are setting up as close support and close resistance. Move below 0.9133, and I would expect the sellers to take more control with the first target near 0.9105.
If the 0.9156 is broken, that opens the door with traders thinking about a retest of the May 1 high at 0.92237. PS that high is also near other highs going back in to 2023.
Find all about it, in the video above. Be aware. Be prepared.
This article was written by Greg Michalowski at www.forexlive.com. Source