July 08, 2024 at 02:43PM
The USDCHF moved lower last week after testing a swing area and a key downward-sloping trend line successfully.
The price decline ultimately took the price back below its 100-day moving average. That moving average now joins with the 200 bar moving average on the 4-hour chart as topside resistance near 0.8988 (see blue and green line on the chart below)..
The move to the downside extended to the 100-bar moving average on the 4-hour chart on Friday, but found buyers near the level into the close. Below that level is the 50% midpoint of the move up from the June low to the high reached last week. That level comes in at 0.8938.
In between the 100 a moving average above in the 100 bar moving average on the 4-hour chart below is the 38.2% retracement at 0.89644. That level is trying to hold resistance today.
Sellers started take more control below the 100-day moving average last week. Now with some support targets holding, there is a pause in the run lower.
In this video, I outline the levels that traders should eye for technically motivated clues. Be aware. Be prepared.
This article was written by Greg Michalowski at www.forexlive.com.