Working back to unchanged at 0.9155
The USDCHF has snapped back higher.
The pair had ran lower in the London morning session and in the process fell below its 200 hour and 100 hour moving averages at 0.9127 and 0.9118 respectively (green and blue lines).
The pair also fell below a swing area at 0.91114 but failed on a break. The current bar has pushed back higher and in the process is testing the underside of a broken trend line from earlier in the day at 0.9149. So far that underside of the trend line has held resistance. Stay below and the sellers hang onto some control (but with the MAs below to get back below). Move above and traders and the pair will be on its way to unchanged on the day at 0.9155. From there, a break above and traders will be eyeing the Asian high at 0.9167 and potentially the high for the week by 0.9183.
For now, however the snapback has found resistance against the underside of the broken trend line.
