The USDCHF has gone nearly an entire day now and only trades in a 31 pips trading range. The average over the last 22-trading days was nearly twice that amount at 60 pips. So buyers and sellers are sparring with each other. Neither one has landed anything close to a knockout blow.
Looking at the hourly chart, the ups and downs has now allowed the 100-hour MA to catch up to the price. That MA is at 0.91239. The price is currently trading right around that level.
On the downside, there is a swing level at 0.9112. Yes…. the price moved below the level on Friday and Thursday last week, but held the level on Wednesday last week, and again on Monday and Tuesday this week.
On the topside, the 0.91469 to 0.9151 area is home to a number of different highs over the last 5 days.
At some point, there will be a break and run. The buyers – given the right to left move higher over the last month+ – has the advantage. However, that does not mean a correction can’t happen if the lower swing level is broken followed by a break of the 200-hour MA at 0.9081 level.
This article was written by Greg Michalowski at www.forexlive.com. Source