The USDCHF fell below the 200 bar moving average on the 4-hour chart near 0.9070, and tumbled down to the lope from April and a low swing area near 0.8997 and 0.9005. Buyers came in against that level and have since pushed the price back up toward the aforementioned 200 bar moving average.
If sellers are to keep control, staying below the 0.9070 to 0.9077 area. With the price trading back toward that level, look for sellers to lean against the level with stops on a price move back above the area.
This article was written by Greg Michalowski at www.forexlive.com.
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