August 30, 2024 at 02:17AM
While the EURUSD and the GBPUSD trades between the 100 and 200-hour MAs. The USDCHF is also trading between those two MAs as the last trading of the day of the weeks gets started
The 100-hour MA is below the current price at 0.8448 (blue line in the chart below). The higher 200-hour MA is at 0.8494 (green line).
The good news for the buyers is the price moved above the 100-hour MA yesterday for the first times since August 10.
For the trading week, the USDCHFpair closed last week at 0.8476. The price moved to a low for the week and lowest level since January 3rd, at 0.8399 during yesterday’s trading day (call it 0.8400). The low for the year is at 0.8390 reached on the first trading day of the calendar year.
Today, buyers came in against the area and pushed the pair back above the 100-hour MA. The current price is at 0.8469, 7 pips below the closing level from last week.
Overall, sellers had their shot this week but dip buyers stepped in near the 0.8400 level and 9-10 pips from the 2024 low. Nevertheless, the pair remains below the falling 200-hour MA.
If the price can get above that 200 hour MA, the buyers might feel a little more comfortable with the potential for more upside. Absent that, and the sellers are still in play despite the late week modest rebound.
Look for a break with momentum either above the 200-hour MA, or back below the 100-hour MA.
This article was written by Greg Michalowski at www.forexlive.com.
