16 pip trading range
If you thought the USDJPY trading activity today was poor, you should see the USDCHF. It is only in a 16 pip trading range vs the 22-day average of 47 pips. There is room to roam in this pair too (come on 16 pips?).
Looking at the hourly chart, the non-trending comes after the pair broke below a key swing area (old ceiling) in the 0.89166 to 0.89212 area. The pair intraday consolidation range from back in January (see red boxed area) on the break. As long as the price can remain below the ceiling above (see green numbered circles and yellow area). The sellers remain in control.
The pair today is stalling just ahead of the low from yesterday's trade at 0.88898. Get below that level and we should see more selling toward the January 29 low and the January 28 lows between 0.8873 and 0.88688.
There is room to roam. With the bears taking more control yesterday, can they keep the selling going today.
