USDCHF ping pongs between MAs
USDCHF pinged against the 200 day MA above and ponged against the 100 and 200 hour MAs below
The USDCHF move higher yesterday and backed off just ahead of the 200 day MA at 0.9963 (high reached 0.9959). Today, the high price moved to 0.9960 and once again backed off (let's call it a "ping").
The move lower to the day's lows reached down to the combo 200 hour and 100 hour MAs at 0.9923 and 0.99154 respectively and bounced (call it a "pong").
The ping-pong range has been defined with MAs defining that range (200 day MA above and 100/200 hour MAs below).
At some point, there will be a break. Until then, ping and pong near the extremes.
Today the SNB kept rates unchanged. Below are the posts from Justin outlining the event.
- SNB's Jordan: There is no reason to tighten monetary policy
- SNB's Jordan: There have been few signs of inflation expectations deanchoring
- SNB's Jordan: Still have room to maneuver on rates
- SNB's Jordan: Swiss franc is still highly valued
- SNB leaves sight deposit interest rate unchanged at -0.75%