USDCHF higher in choppy trade, but stalls against 200 hour MA

USDCHF stalls at the 200 hour MA

The USDCHF has chopped higher in trading today. The pair started the day near a swing area at 0.9591 to 0.9606 after breaking back above the 100 hour MA yesterday and closing above. The low in the Asian session stalled the fall in the 0.9591 to 0.9606, moved higher to 0.9652 before rotating back to the high of the swing area in the London morning session.

In the US sessin the price has seen up and down action, but did extend to a new high for the day at 0.9654. That was just short of the 200 hour MA at 0.96561. The price is trading at 0.9650 currently.

The last time the price traded above the 200 hour MA was on September 8 (last Thurday). The price bottomed this week on Tuesday as traders stuck a toe in the water against the key 200 day MA target support level at 0.9478. The dip yesterday stalled at the high of a swing area at 0.95533 (see green numbered circles).

Get above the 200 hour MA and the 50% retracement at 0.9674 and the 100 day MA at 0.9688 would be the next key targets to get to and through.

Technical Analysis

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