July 05, 2024 at 08:13PM
The USDCHF is trading to new lows for the week today after rallying into resistance at the start of the trading week (on Monday). That upside resistance came within a swing area between 0.9044 and 0.90565. The subsequent move to the downside did try to find support against its 100-day moving average midweek, but ultimately broke below that level after some volatility immediately after the US jobs report today.
The last few hours have seen the sellers reenter the market against resistance by the 200-bar moving average on a 4-hour chart and the 100 day moving average. Both are near 0.8989. The price has traded to a load today of 0.89568. That is also the low for the week.
On the downside, the 100-bar moving average on the 4-hour chart cuts across at 0.8950. That represents the next target to get to and through if the sellers are to take more control. The 50% of the move up from the June low at 0.89383 also be targeted. Break below that level and traders will look toward the 200-day moving average at 0.88927.
In the video I outline the price action this week, the price action in relation to the technical levels, and outline what needs to be done to increase the bearish bias. Conversely, what would shift the bias back to the upside.
This article was written by Greg Michalowski at www.forexlive.com.
