The USDCHF rallies to topside trend line and stalls

Technical Analysis

Author: Greg Michalowski | usdchf

100 bar MA on the 4-hour is being tested


The USDCHF continued the rally started yesterday after the easing of fears from N. Korea and perhaps relief from hurricane Irma. The extension today was able to take the price above the 100 bar MA on the 4-hour chart but the rally did stall at a topside trend line (see blue circle 3). That hold makes that line more important going forward.

On the downside, the price is back down retesting the 100 bar MA on the 4-hour and the 61.8% of the last move down from the August 31 high.  A move below could see the pair rotate back to the 200 hour MA at 0.9555. The 50% of the same move down is around 0.9550. I would expect support on a test of that area to show up.