The USDCHF started the week strong, with Monday’s high stalling near a key swing area between 0.8017 and 0.8023. However, after breaking below the 200-hour moving average (Green line on the chart above) later that day, the pair remained under that level for the rest of the week. That MA, currently at 0.79836, remains a critical topside resistance heading into the weekend (and into the new trading week). It would take a move above the 200 hour moving average and staying above to increase the bullish bias at least in the short term.
Midweek, sellers made a push lower, with Wednesday and Thursday’s lows falling below the swing area at 0.79197, but downside momentum faded — sellers had their shot but missed. The price moved higher into the close yesterday but stay below its 100 hour with the average (blue line on the chart above)
Today, buyers returned and leaned against support near the high of a lower swing area at 0.79471, and the price rebounded. The USDCHF has since moved back between the 100-hour MA at 0.79490 and the 200-hour MA at 0.79836, where it consolidates into the weekend.
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In the new trading week, the 100 and 200 hour moving averages will be the barometer for buyers and sellers. Moving above the 200 hour moving average would be more bullish. Moving below the 100 hour moving average would be more bearish.
Key levels:
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Resistance: 0.79836 (200-hour MA), 0.8017–0.8023 (swing area high)
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Support: 0.79496 (100 hour MA), 0.7938 to 0.7947 (swing area), 0.79197 (failed breaks)
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MAs: 100-hour at 0.7949 | 200-hour at 0.79836 will be the key barometer is in the new trading week
This article was written by Greg Michalowski at investinglive.com.
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