USDCHF breaks the 200 hour MA and runs to the next target area.

Technical Analysis

Author: Greg Michalowski | usdchf

Volatile trading seen after the break

The USDCHF chopped up and down in the Asian and most of the London morning session, with the price testing its 200 hour moving average at the highs. 

Volatile trading seen after the break
Over the last hour or so of trading, the price has been able to crack above its 200 hour moving average (green line) at 0.92855. That led to a run up to a high of 0.9308. 

At the highs, the price entered a swing area between 0.9304 and 0.93101.  Sellers leaned against that level and have pushed the price back down.  The low price just reached 0.92909. That still remains above the 200 hour moving average at 0.92855. 

The 200 hour moving average will be the barometer for buyers and sellers on the downside. A move back below that moving average level, and I would expect buyers to give up on the break, and more downside momentum.

Conversely, hold support at the 200 hour moving average, and break above the 0.9304 to 0.9310 swing area, and it opens the door for further momentum in the upward direction.


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