USDCHF is trending lower today, breaking below a set of technical levels including the 200 hour moving average, the 200 bar moving average on the 4-hour chart, the retracement level of 38.2% and the 100-bar moving average. on the 4-hour chart. The price bottomed near the low of a swing zone up to 0.9086, and rebounded higher.
And now?
At the top is the 200-bar moving average, where the chart at 0.91057 is near resistance. Staying below allows sellers to maintain control, at least in the short term. On the other hand, it is necessary to get back below the 38.2% at 0.90925 of the May trading range – and stay below it – to strengthen sellers’ control. Absent this, we could see a return to the upside if it fails below this key retracement level.
cnbctv18-forexlive
