USDCHF continues consolidation.
USDCHF has lasted almost a full day now and is only trading within a 31 pip trading range. The average for the last 22 trading days was nearly double that amount, at 60 pips. Thus, buyers and sellers compete. Neither managed to land a fatal blow.
Looking at the hourly chart, the highs and lows have now allowed the 100 hour MA to catch up with the price. This MA is at 0.91239. The price is currently trading around this level.
On the downside, there is a swing level at 0.9112. Yes… the price fell below the level on Friday and Thursday of last week, but remained at that level on Wednesday last week, and again on Monday and Tuesday this week.
At the top, the 0.91469 to 0.9151 area is home to a number of different highs over the past 5 days.
At some point there will be a pause and a leak. Buyers – given the right to the left to advance over the past month+ – have the advantage. However, this does not mean that a correction cannot occur if the lower swing level is broken, followed by a breakout of the 200 hour MA at the 0.9081 level.
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