The USDCHF is consolidating today and in the process is ping-ponging between some key technical levels of the daily chart. More specifically:
- On the downside, the 200 they moving out of 0.8894 and the 38.2% retracement of 0.8883 is holding support.
- On the top side, the 100 day moving out at 0.89358 is holding resistance.
Going forward, traders will be looking for a break of either extreme follow with momentum in the direction of the break to either increase the technical bias. Moving above 0.89358 is more bullish. Moving below 0.8883 is more bearish.
Find out all the details in the video above.
This article was written by Greg Michalowski at www.forexlive.com.
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