USDCHF bounces off support. Tests swing area and 200 hour MA

Technical Analysis

Author: Greg Michalowski | usdchf

Intermediate resistance after bouncing off 100 bar MA on 4 hour chart

The USDCHF fell to the 100 bar MA on the 4-hour chart earlier today. In the process, the 200 hour MA was broken, a trend line was broken. The 38.2% of the move up from the June 25 low was broken at 0.98526.  

Intermediate resistance after bouncing off 100 bar MA on 4 hour chart

The selling found it's limit at the 100 bar MA on the 4-hour chart at 0.98432. 

The price has now bounced and is retesting the 200 hour MA at 0.9886 area. That is also a swing area from the July 2 high and lows from yesterday.   

The price is stalling at that area.  If sellers are to keep more control, this area should stall the rise.  If the bulls are to take more control, a move above would next look toward the 200 bar MA on the 4-hour at 0.99075 and the 100 hour MA at 0.99131.  



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