USDCHF is higher on the day and in doing so moved back above its 200 hour moving average of 0.90416 and 0.90471.
These two moving averages sit at the midpoint of what has been a wave of ups and downs over the last 9 trading days (roughly two weeks). This range saw the price trade between 0.8998 and 0.90949 (around 100 pips). This is not a big margin for this period. Obviously, the market is “buying time” until the next push (up or down).
The good news for buyers is that support held at the bottom of this trading range on Friday. Buyers looked lower. Additionally, breaking above the 100 and 200 hour moving averages provides additional upside tilt from today’s price action.
However, price must remain above both of these moving averages to maintain this “tilt” in favor of buyers. Know. .
In this short video, I describe the near risks and current goals for buyers, as well as what would happen if buyers couldn’t stay in control.
cnbctv18-forexlive
