The USDCHF fell below the 100 hour MA and the rising trend line earlier today, but could not get to the next target at the swing area between 0.9591 to 0.9604. Yesterday and on Tuesday, the price did move closer to those levels and found buyers. ON Monday, the price high reached the high of that area but stalled before breaking higher.
WIth the Jackson Hole risk, the 100 hour MA /trend line are job 1 for sellers. The swing area is job 2 for the sellers. The rising 200 hour MA is job 3 (currently at 0.95717).
Conversely on the topside, the 100 day MA at 0.9657 is the first target, followed by the highs reached on Tuesday and Wednesday near 0.9688-90. Those highs reached the 61.8% of the move down from the July high at 0.96881 (not shown).
IN summary, what we are seeing in the pair is consolidation within what has been an up and down range over the last 3 or so days of trading. On the upside the 61.8% is stalling the rally. On the downside a swing area is holding support. IN between up and down price action. Move outside and look for a shove in the direction of the break.
