The USDCHF is consolidating and trading up and down in a relatively narrow trading range between 0.8954 in 0.8982. At session highs, the price fell short of its 38.2% retracement and 200-hour moving average. Those levels dominate 0.8986 and 0.8983 respectively.
On the downside, the low price stalled near a corrective low from Friday’s trade (a random low level from Friday). Although somewhat random on Friday, the level’s importance increases with the double bottom developed today. A break below the level would have traders targeting the 100 day moving average at 0.89412
This article was written by Greg Michalowski at www.forexlive.com.
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