USDCHF tests 100 hour MA and finds seller on the first look
The USDCHF moved higher with the flight into the relative safety of the USD today, and in the process moved up to test the broken 38.2% retracement of the March trading range at 0.92117, along with the following 100 hour moving average currently just above that level of 0.9214. The high price reached 0.9216 and rotated back to the downside. Sellers leaned against the dual technical levels. The low risk trade has been a success with the price currently trading at 0.9174. The price of moving toward a old swing area between 0.9157 and 0.9165. I would look for sport buyers against that level with stops on a break. Earlier today, the price moved briefly below that lower level at 0.91576, but quickly rebounded. This article was written by Greg Michalowski at www.forexlive.com.
The USDCHF moved higher with the flight into the relative safety of the USD today, and in the process moved up to test the broken 38.2% retracement of the March trading range at 0.92117, along with the following 100 hour moving average currently just above that level of 0.9214. The high price reached 0.9216 and rotated back to the downside. Sellers leaned against the dual technical levels.
The low risk trade has been a success with the price currently trading at 0.9174. The price of moving toward a old swing area between 0.9157 and 0.9165. I would look for sport buyers against that level with stops on a break. Earlier today, the price moved briefly below that lower level at 0.91576, but quickly rebounded.
This article was written by Greg Michalowski at www.forexlive.com.
