Price correction stalls against dual tech levels
The dollar is moving a touch higher after the better Retail sales (revisions were a kicker higher), but the USDCHF traders are respecting the 50% retracement and 200 hour MA and finding sellers.
The USDCHF rallied on Tuesday making new highs and closing above the April high at the 0.9862. Yesterday was a different story however, as the price tumbled sharply lower - stalling a few pips from the August 4 low before bouncing into the close. Today the rally higher has continued but the pair stalled/slowed as the price approached the 50% of the move down and the 200 hour MA (green line) at the 0.9789 level currently (the high extended to 0.9793). The market seems to be respecting the key technical levels. Also risk can also be defined and limited.
The pair has not been able to push above post the retail sales and initial claims data so far.
The pairs price is back down testing the 200 bar MA on the 5 minute chart at the 0.9765 currently (see chart below). A move below and staying below this level will be eyed for short term clues. The close from yesterday at the 0.9751 will be another target. The recent low reached 0.9753. Intraday test to see if the buyers want to buy a dip, or go lower.
