Ceiling at 1.0230. Swing level at 1.0193
The USDCHF trended higher from the most recent base on April 12 at 0.9996. The high reached on Tuesday extended to 1.02297. At the high, the pair tested a channel trend line and stalled.
Since then, the pair has seen consolidation trading with a low yesterday at 1.01685. The high today stalled at 1.0227 - just short of the Tuesday high.
In between, sits a swing level that seems be a barometer for bulls/bears. That level comes in around the 1.0193 level. Trade above it, more bullish. Move below, more bearish. We have tested that level at the lows today. Buyers are trying to keep control.
On a break below, the consolidation has allowed for the 100 hour MA to catch up with the price. That comes in at 1.01785. That is head of the low from yesterday, but should be a key level to eye as well. The price has not traded below the 100 hour MA since a brief peek below the level back on April 15.
So bulls and bears are trying to decide the next move. There is some levels of importance that should give traders the next clue. Watch and react.
