Technical Analysis

Not a lot of action in the USDCHF today (but maybe more tomorrow?)

Only a 29 pip trading range

The USDCHF has not had a lot of price action today. Apart from the AUDUSD which only has a 26 pip trading range for the day, the range for the USDCHF is next lowest at 29 pips.

Looking at the hourly chart, the high price today was able to extend above the 100 hour moving average at 0.9194 level, but stalled near the highs from yesterday at 0.9199. There is something about the 0.9200 level.

On the downside, swing lows from June 18, June 21, June 22, and June 23 came in at 0.9172 (give or take a pip). The low today stalled just above that level.  

So chalk the day up to “not much interest”.  However, when you have 29 pips one day, you stand a better chance of breaking out in doing something more tomorrow.  Cell look for break with momentum outside of the support and resistance targets that confined the ranges today.  

Invest in yourself. See our forex education hub.

Articles You May Like

Something strange has been happening with jobless claims numbers lately
Market Calm Restored After Middle East Tensions Subside
As London traders look to exit, the GBPUSD is pushing lower
Procter & Gamble sales disappoint as price hikes slow down
Forexlive Americas FX news wrap: Six days losing streak for the S&P 500

Leave a Reply

Your email address will not be published. Required fields are marked *