USDCHF stuck in a trading range: Bulls struggle at resistance. Bears lean on support.

The 2nd verse, is same as the 1st…

The USDCHF fell in the early European session but found willing sellers against the local yesterday nearly 0.8459. The low price today reached 0.8463. The subsequent move to the upside stalled at 0.8519 which was near the high prices from yesterday at the same level.

So the load today is nearly low from yesterday. The high today is near the high from yesterday. The 2nd versus is the same as the 1st (or close enough).

Going forward, it would take a move above 0.8519 to increase the bullish bias, or a move below 0.8459 (and then a swing area down to 0.8450-54), to increase the bearish bias.

In between sits the 100-hour moving average at 0.8499, and the 200-hour moving average at 0.84716 (blue and green lines on the chart below). Those levels would provide closer support or resistance tilts. Although of note is that traders have been swinging above and below the MAs as traders try to figure out if the dollar should be stronger or weaker this week. In the early New York session, the 100-hour moving average is trying to hold support, keeping the buyers more in control in the shorter term.

This article was written by Greg Michalowski at Source