Up and down trading today…
The USDCHF this week has been trading up and down.
On Monday, the USDCHF moved higher and moved down and up on Tuesday. On Wednesday, the price moved to the high for the week at 0.91972 but tumbled lower and traded to new week lows on the same day.
Thursday and Friday has seen lots of ups and downs with the low for the week on Thursday at 0.90813.
The low yesterday reached the low from Friday last week. Not that the level is all that important but it did help to form a trend line off the August lows at the time. Get below would next target the other lows for the month at 0.9066 and 0.9056.
What else do we know?
The price did move back below the 100 and 200 hour MAs (blue and green lines) on the run lower on Wednesday. The price also fell below the 50% of the range since the August 5th low at 0.91234. Since that break, the high corrective price has reached 0.9125 – just a pip or two above that 50% and it failed. The high today reached 0.91216 and backed off (BTW the 200 hour MA is now below the 50% at 0.91211).
If the price stays below those levels, the sellers are more in control.
Can the support hold and we get a bounce?
Sure… we are in an up and down range still