The USDCHF moved higher this week and in the process was able to extend above the January high at 0.87277.
Yesterday the high reached 0.87614 before rotating to the downside into the Asian session open. The low price stalled against the old high from January at 0.87277, before moving to the upside and retesting the highs from yesterday. Sellers once again leaned against that level not once but twice, and the price rotated back lower toward the old January high at 0.87277 where once again support buyers reentered.
So the ups and downs clearly highlight short-term support at the old January high at 0.87277, and short-term resistance at the double top at 0.87614. The price is currently trading between those levels as buyers and sellers battle it out near high levels going back to mid-December.
The video above outlines those key levels and what to expect going forward.
This article was written by Greg Michalowski at www.forexlive.com. Source