Moves away from the 200 hour MA
The USDCHF is trading at a new session high and in the process is running away from the 200 hour MA (green line at 0.9926) and the 61.8% at 0.9938. The pair at the low today, did try to break below the 100 hour MA (blue line) but failed.
The move takes the pair into the up and down chop area that stymied the market from June 14 to June 21. There were 4 separate highs in the 0.9985 to 0.99897 area. That area is a key ceiling going forward.
The low area at 0.99355 has 5 different swing levels. The price moved below that level on June 19 and June 20, but most of the trading was above that area. That is a risk level for longs now. Stay above is more bullish. Move below and there should be some disappointment from the buyers. The 200 hour MA is also a risk level at 0.9926.
