USDCHF retraces back toward an old floor area/MAs

Technical Analysis

Author: Greg Michalowski | usdchf

Old floor is now a ceiling

The USDCHF - like other pairs - is retracing the moved seen over the last few days after bottoming yesterday. The pair has move back toward what was an old floor area in the 0.94786 to 0.94817 area.  Just above that is the falling 100 hour MA (blue line) at 0.94837.  

Old floor is now a ceiling
The high has reached 0.94773 so far today - just short of the low of that swing area (yelllow area in the chart above).  An old floor becomes a new ceiling (PS the pair did move above the ceiling briefly yesterday after the Navarro comments on China which were later retracted as being "misquoted").  It will take a move above that area to turn the tide more to the upside again. 

  

For bank trade ideas, check out eFX Plus
By continuing to browse our site you agree to our use of cookies, revised Privacy Notice and Terms of Service. More information about cookiesClose