USDCHF reaches a swing area target. Sellers put a little lean against the resistance.

Technical Analysis

Author: Greg Michalowski | usdchf

The USDCHF has resistance at 1.0062-69. Testing now.

Lookiing at the 4-hour chart of the USDCHF, the price has been trending higher this week, helped by weekend comments from SNBs Jordan that they could cut and/or intervene. 

The USDCHF has resistance at 1.0062-69. Testing now.Lookiing at the 4-hour chart of the USDCHF, the price has been trending higher this week, helped by weekend comments from SNBs Jordan that they could cut and/or intervene. 

In the process, the price has moved to a high at 1.0069. That level corresponds with a swing area going back to the March 7 to  March 13. During that time, the price cracked higher and tried to stay above the 1.0062-69 level, only to fail and tumble lower to a March low of 0.9893 on March 20.  

The rise off that low, takes the price back to the swing area and traders are so far leaning against the level.  

Can the level hold? If it does, it could signal the start of a corrective move lower. IF it doesn't hold, get out.  Low risk trading level with the hope to pick a high. 

ForexLive
By continuing to browse our site you agree to our use of cookies, revised Privacy Notice and Terms of Service. More information about cookiesClose