FOREX QUICK: Ups and downs continue in the USDCHF

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  • The USDCHF ping pongs between the 100 hour MA above and the 200 hour MA below

The USDCHF ups and downs continue for that pair. Looking at the hourly chart, the price moved through the lower 200 hour MA early in the Asian session and moved up toward the higher 100 hour MA. The high in the late Asian session took the price close to its 100 hour moving average (blueline currently at 0.9862). The high price reached 0.98553 and rotated back to the downside. That moved to the downside reached a low of 0.9781 which was within shouting distance of the rising 200 hour moving average (greenline currently at 0.97762).

Buyers reentered and move the price back higher men close to its 100 hour moving average again. This time the high price reached 0.98546, once again just below the 100 hour moving average and also just below the earlier session high.

Continuing the ups and downs the price has moved back down to within sniffing distance of the 200 hour moving average once again. This time the low price came in at 0.97834 (the 200 hour moving average at 0.97762).

Traders are getting dizzy, but continue to use the moving averages as borderlines to lean against. At some point there will be a break and hopeful run in the direction of the break. For now however the ups and downs are giving traders opportunities at the MA extremes to put their foot in the water with limited risk.


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