USDCHF retests topside resistance cluster
The 50% retracement on the 1st correction stalled the fall
The USDCHF tested a cluster of resistance earlier in the day defined by the 200 day moving average, 100 and 200 hour moving averages and 30.2% retracement at the 0.9950-568 area. The price stalled against that area and rotated back lower.
On the downside, the 50% retracement of the range since September 24 could not be breached at 0.99351. The price has rotated back higher.
We are currently back retesting that cluster of resistance (and squeaked out a new high in the process but only by a pip). It still takes move above the 0.99568 level to give buyers more confidence. Failure to do that, and the pair remains stuck between the cluster of topside resistance and the support at the midpoint retracement level.
See earlier post here