August 06, 2024 at 03:24PM
The USDCHF moved to and through a swing area yesterday on the sharp run to the downside. The price moved below a swing area between 0.8448 and 0.84596, but could not sustain downside momentum. The rally into today, moved into a swing area targeted between 0.8549 and 0.8579. In the video yesterday, I outlined that area as a key topside target on further buying.
Sellers did come in against the area and rotated back lower.
The support and resistance story has been written. On topside 0.8549 – 0.8579 is resistance. On the downside, 0.8448 – 0.8459 is support.
In between, traders may look toward the 5-minute chart for clues. In the video, I speak to that chart and what the 100 and 200 bar MAs on it are telling traders. You will find it helpful.
In between, traders may look toward the 5-minute chart for clues. The 100 bar MA is holding resistance. Staying below that MA would be more bearish in the short term.
In the video, I speak to the technicals driving the currency pair and the roadmap ahead.
This article was written by Greg Michalowski at www.forexlive.com.