USDCHF technical story remains the same. The EURCHF sellers are making a play to downside

October 22, 2024 at 04:09PM
Earlier today in a post I summarized the technical for the USDCHF by writing:

USDCHF: The USDCHF remains above the 38.2% of the move down from the July high at 0.86318. Yesterday support buyers came in against the level increasing its importance going forward. Stay above is bullish. Move below and I would expect some selling on the disappointment. On the topside, the highs from last week remain a hurdle at 0.86684. Get above and traders will look toward the falling 100-day MA at 0.8698 as the next key target.\

A few hours later the story remains the same with the price in the middle of those risk and bias defining levels. Traders are waiting for a break. In the above video, you get to hear the story – in my own words.

For the EURCHF, on Monday in the Asian session, the price was testing its 200 and 100-bar moving average on the 4-hour chart and found willing sellers. SInce then, the price has moved lower and has been trading above and below a rising trend line, but so far trying to find support at the 61.8% of the range since August. That level comes in at 0.93515. Break below opens the door for more selling momentum.

This article was written by Greg Michalowski at www.forexlive.com.