Waiting for a shove

The pattern is the same for the USDCHF today. Big up and down moves Some clues in play technically.

Waiting for a shove

Looking at the hourly chart, the pair is trading above and below 2 key technical levels which are converged at 0.91184 area. The 200 hour MA and the 50% midpoint retracement comes in at that level. The price is currently trading right at that level. Traders are looking for the next shove (higher or lower).

On a shove higher, watch the 0.92367 to 0.91393 area (see green numbered circles). It is not a perfect area today but going back over the last few days, there have been some reaction above and below that area. Get above and trading bias shifts more to the upside with the 100 hour MA as the next target at 0.91586.

If the shove is to the downside, The 61.8% at 0.90975 followed by the swing area between 0.90886 and 0.90914 would be targeted. The low today stalled at that level. Going back in time, that area has been a pretty good swing area going back to October 19 (see red numbered circles). .