June 10, 2024 at 03:29PM
The USDCHF is consolidating and trading up and down in a relatively narrow trading range between 0.8954 in 0.8982. At session highs, the price fell short of its 38.2% retracement and 200-hour moving average. Those levels dominate 0.8986 and 0.8983 respectively.
On the downside, the low price stalled near a corrective low from Friday’s trade (a random low level from Friday). Although somewhat random on Friday, the level’s importance increases with the double bottom developed today. A break below the level would have traders targeting the 100 day moving average at 0.89412
This article was written by Greg Michalowski at www.forexlive.com.
USDCHF trades up and down today and bottoms near corrective low from Friday