The USDCHF made a break above the ceiling from last week at 0.8761 today, but the move to the upside could only get about 11 pips to 0.8772 before stalling. The price has since moved back below the old ceiling at 0.87611. Will buyers turn to sellers?
In the short term, staying below 0.8761 would encourage more selling. The 100-hour moving average comes in at 0.87334, and would be the next downside target on further selling is always a price to remain below the 0.87611 level in the short-term.
Is the USDCHF failing?
We will see but the buyers had their shot. They missed.
This article was written by Greg Michalowski at www.forexlive.com. Source