USDCHF reverses most of the declines from yesterday. Consolidates day’s gains

usdchf reverses most of the declines from yesterday consolidates days gains

The price is back above the 100 day MA

The USDCHF has reversed most of the declines from yesterday and is in the process of consolidating the gains seen today.

The close support is coming in against the high from last week at 0.8995.  The price has been testing that level over the last 2 hourly bars.  A move below would next have traders looking toward the 100 day moving average at 0.89851.  

Yesterday the price moved above that moving average line and spiked up to 0.90229, only to fail and retrace the gains for the day.  

Today’s move back to the upside extended above that key moving average and again saw momentum to the upside. However the high today stalled ahead of the high from yesterday leading to the current consolidation over the last 6 or 7 hours.  The high today reached 0.9015 (short of the high from yesterday at 0.90229).

Despite the price backing off of the high from yesterday, getting above the 100 day moving average still keeps the buyers more in control. The best case scenario for the longs is if this 0.8995 level holds and the price rotates through the high from yesterday. However, until the price moved back below the 100 day moving average, I have to give the tilt and the favor of the buyers/longs

Invest in yourself…

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