The USDCHF continues to chop sideways, mirroring the indecisive trading seen through most of last week. Price action has been oscillating above and below the 100-hour moving average (0.7959) and the 200-hour moving average (0.7949), with each directional break failing to generate sustained momentum. Today’s range has stretched from a high of 0.7973 to a low of 0.7946 -that is not a big range.
Currently, the bias has turned slightly bullish as the pair trades back above both the 100-hour and 200-hour MAs, with the 100-hour now serving as near-term support around 0.7959. Holding above this zone would keep buyers in control, opening the path toward the day’s high and last Wednesday’s peak at 0.7973, followed by a swing area between 0.7986–0.7994, and then the psychological 0.8000 level.
On the downside, a drop below 0.7949 would weaken the bullish tone and shift focus back to support near 0.7938, followed by another key swing area down to 0.7910. Overall, the pair remains range-bound, with traders watching for a clean break on either side to define the next directional move.
This article was written by Greg Michalowski at investinglive.com.