August 27, 2024 at 12:34AM
The USDCHF hasn’t really done a lot over the last day and a half of trading including the first few hours of trading today. That has allowed things like the 100-hour moving average to get closer to the price. Having said that, it is still 40 or so pips away (above) which keeps the sellers more control. Nevertheless, if the ups and downs can continue, the moving average to catch up to the price and give traders a new barometer for both buyers and sellers (move above is more bullish/stay below is more bearish).
On the downside, the low price is reached yesterday and again today at stalled within a swing area between 0.8448 and 0.84596. That swing area was developed back in the end of 2023 and into early 2024 before pacing on January 9 and racing to the upside. The stall against the area, gives traders a support level to lean against.
So with support defined and resistance more in focus, the ups and downs in the near term give traders levels to look to for new trading clues.
On a topside watch the falling 100-hour moving average (currently near 0.8506 and moving lower)
On the downside watch a swing area near 0.8448
Find out more along with all the technical details, by watching the above video.
This article was written by Greg Michalowski at www.forexlive.com.
