The USDCHF is trading up and down in a confined range. The price action is above and below the low for a swing area at 0.88808 and the 200-day MA at 0.8883. The 38.2% of the move up from the December 2023 low is also in play withing the swing area at 0.8883.
Although the price did fall below the cluster of support earlier today, the momentum could not be sustained, and the price has rotated back toward its high for the day. Having said that getting above the 0.8898 level is still needed to increase the bullish bias. Watch that level for clues for both the buyers and sellers.
Getting above, would be more bullish. Conversely, moving back below 0.88808 would disappoint the buyers and would have traders thinking of a retest of the swing area lows from last week at 0.8819 area going forward. .
This article was written by Greg Michalowski at www.forexlive.com.
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