The USDCHF price action today is setting up traders for the Fed chair testimony at 10 AM ET. On the topside, the 100-day moving average resistance. That level comes in at 0.89903. It would take a move above that level to increase the bullish bias through the Fed chair testimony.
On the downside, the 100 bar moving average on the 4- hour chart at 0.8955 was broken yesterday, but failed. The sellers had their shot. They missed. Nevertheless, on the downside today, moving below that level -and staying below – would increase the bearish bias.
In this video, I outline the technicals in play and explain why they are so important especially with a key event ahead. Traders will be looking for the break and run with momentum.
This article was written by Greg Michalowski at www.forexlive.com.
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