200 day MA and 50% retracement tested
The USDCHF has been falling since Tuesday this week but has run into a strong support area on the daily chart.
What do I see?
Looking at the daily chart above, the 200 day MA (green line in the chart above) comes in a the 0.9536 level today. Also the 50% of the move up from the June low to the August high comes in at ti 0.9526 level. The low for the day bottomed at 0.95278 and has bounced back above the 200 day MA level.
The shorter term 5 minute chart shows the action at the lows and also the trend lower. I see a double bottom at the lows (ag. the 200 hour MA). The price has traded above and below the 200 day MA . On the topside, the 200 bar MA has kept a lid on the largest correction. If the buyers are to take control (the sellers remain in control) traders need to take the price back above the 38.2-50%, the 100 bar MA, trend line and 200 bar MA. Those are the steps for the upside if the buyers are to take back control.
CUrrently, the price is back down testing the 50%.. ON a break, the 100 day MA (blue line in the daily chart above will be eyed.)
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