The USDCHF got off to a weak start today after the price broke below the old ceiling in the pair between 0.9146 and 0.9156 (see red numbered circles on the chart below). Sellers came in and pushed the price for the way down toward a floor area that was defined over the last nine or so trading days.
That swing area came between 0.9088 and 0.9095. The low price today reach 0.90978 just above the high of that swing area. The process since rebounded and trades near the middle of those two extremes and within what has been a consolidation area going all the way back to April 10.
So resistance is defined above at 0.9146 and 0.9156. Support is being defined at a recent floor between 0.9088 in 0.9095. In between is more neutral. Traders will be looking for the next shove outside of those extremes.
This article was written by Greg Michalowski at www.forexlive.com.
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