The USDCHF pushed higher earlier in the day, and extended above the prior high from April 15 at 0.91514, but only to a NEW high of 0.91525 before rotating back to the downside.
The fall took the priCe back toward its rising 200 hour moving average at 0.9116 and its 100 hour moving average at 0.91109, but the price could not move below those levels and has since rotated back toward 0.9130.
Are the buyers trying to keep that short-term bias in their favor?
Staying above those hourly moving averages does just that. However, getting above the 0.9152 area is still needed to break the pair to the upside and give the buyers more confidence.
If done, traders would target the 50% of the range since the October 2022 high. That level comes in at 0.92395. That high also corresponds roughly with the high price from October 2023.
So buyers are making a play despite the corrective move lower today. Can the momentum increase to the upside or will the ceiling near 0.9252 keep the battle going?
This article was written by Greg Michalowski at www.forexlive.com. Source