The USDCHF trades in a narrow up-and-down trading range of only 33 pips. The 22-day average (about a month of trading) is at 64 pips. Technically, on the weekly chart (see video above) the price last week broke below 2021 lows, and on the break traded to the lowest level going back to 2015.
Drilling down to the hourly chart below (and in the video), the price of the USDCHF has been below its 100-hour moving average since July 6. The consolidation over the last 4 or so days near the low has allowed for that moving average to catch up to the price. However, today's high prices have found willing sellers against that 100-hour moving average level (currently at 0.85924).
It would now take a move above that moving average – and staying above – to give the buyers some form of a short-term victory. If the price can get above that level and stay above, getting above the highs from Friday and Monday at 0.86307 would be another target that would give buyers more confidence (at least in the short term).
If the moving average cannot be broken, eventually the lows seen over the last 4 trading days between 0.8554 and 0.8565 would be broken and we could see further momentum to the downside has a trend lower continues.
So buyers have a shot to grab a victory in the short-term on a break above the 100-hour moving average, but if they can't do that, they are still losing and the sellers remain in control across the short term, medium term and long term technical perspective.
