USDCHF near unchanged after down and up day

Technical Analysis

Author: Greg Michalowski | usdchf

The low could not extend below the low from last week

The USDCHF is trading near unchanged on the day after an down and up day. The pair closed at 0.9083 The current price is just above that level at 0.9084. 

The low could not extend below the low from last week 
The initial move in the pair was to the downside with the pair stalling at 0.90508. That was good enough to move below the a trend line and the low from yesterday at 0.90575, but fell short of the low from last week at 0.90481.  

The subsequent move to the upside has now taken the price to a topside trend line at 0.9083. Just above that level sits the 100 hour MA at 0.9089. The price moved below the September 9 level and that triggered the run to the Thursday low at 0.90481. 

The high corrective price (since the September 10 low) has still only moved to the 38.2% retracement at 0.9106 area (also on Thursday). The subsequent highs from Friday, Monday and today have been successively lower.  So there is a need to start to take out the levels above starting with the trend line, the 100 hour MA and go from there to the highs from the prior three days (up to 0.9109).  

Failure to get above the trend line and the 100 hour MA (and we continue to see sellers over the last 4 hours so far) and the sellers keep the bias and control. 

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