Down and up day for the USDCHF
The USDCHF fell in the 1st half of the trading day. In the process, the pair fell below its 100 day MA at 0.9900. Stops wer triggered and the momentum to the price below a trendline as well at the 0.9894 level on the way to the session low at 0.9889. Those breaks failed quickly, however, and sellers turned buyers.
The price has now moved up to test its 100 are moving average at 0.99335. The test is finding sellers on the first look. If the momentum can continue, there is additional resistance up at the 0.9941 to 0.9947 area. Included in that area are swing lows and swing highs and its 200 day moving average (green line and 0.99474).
On the downside, it’s 200 hour moving average of 0.99203 will be eyed for support.
A down and up day for the pair as traders work toward the weekend.