- Swing area support near 0.9591 to 0.96046
The USDCHF moved above the 100 day moving average earlier today, and a swing area between 0.96498 and 0.96604. The high price moved up to the 61.8% retracement of the move down from the July 14 high as 0.96883. Sellers stalled the rally, and the weaker than expected US data sent the pair running to the downside. The price decline fell back below the 100 day moving average. The failure above the 100 day MA, turned buyers to sellers.
The move lower took the price to a another swing area between 0.9591 and 0.96046 (see green numbered circles). The low price reached 0.96026 before bouncing back higher.
Going forward, holding that area on a dip (along with the rising 100 hour moving average currently at 0.95828), increases the area importance as a downside support target.
On the topside, the 100 day moving average will once again be as a target to get to and through if the buyers are to take more control. Conversely holding underneath that level would keep the bias tilt to the downside.
Trading analysis offered by Flex EA.
Source
