The USDCHF is participating in the ups and downs seen in a number of pairs this morning (see morning video here).
Looking at the hourly chart, the price consolidated in a narrow up and down range in the Asian session. In the European session, there was a move to the downside where the price broke below both its 100 and 200 hour moving averages at 0.92087 and 0.91953 respectively (blue and green lines). However, the low price stalled near the upward sloping trendline connecting the January 18 low, to the low price last Thursday. That trendline came in at 0.9181. The low price reached 0.91814 before bouncing back to the upside.
The current hourly bar is testing the early European high at 0.92306. The high price just stretched to 0.92311 so far.
On the top side the next target comes in against a downward sloping trendline which cuts across at the 0.9239 level. That is also near the high price from Friday (the price is breaking to a new high-end testing that level as I type).
Above that, and the high price from Wednesday peaked at 0.9244.
Getting above those levels should open the door for further upside. The high price from last Tuesday (last week) reached up to 0.92878 before rotating back to the downside.
Should the trendline above hold resistance, the 50% midpoint of the move down from the drought January 12 high comes in at 0.9222. The 100 hour moving averages at 0.92087 and the 200 hour moving averages at 0.91953. Each of those levels would need to be broken and stay open to increase the sellers control. Absent that and the buyers are still in play (and more in control).
