USDCHF takes its clues from support holding at the 200 day MA. Surges to the upside.

The USDCHF takes its clues from support holding at the 200-day MA.

The price of the USDCHF, has surged to the upside away from that MA level over the last few hours as dollar buyers took more control in the forex market. That move took to the price above the 50% midpoint of the October trading range at 0.90658, but there has been some stall (after the sharp run higher). If the buyers are to take more control, there is a swing area near 0.9084 – 0.9090.

The USDCHF trading range is now 65 pips. The 22 day average is at 64 pips.

On the downside, the high price from yesterday near 0.9048 will be eyed as a close support. Will below that level in traders may look back toward the 38.2% retracement at 0.90237.

The FOMC meets tomorrow with expectations of no change. The expectations of the next rate cut has been pushed out to the 3rd quarter.

This article was written by Greg Michalowski at Source