USDCHF tests 200 hour MA

Written February 17, 2012 at 9:23 AM EST by  

The USDCHF has been in a narrow range consolidation range after the sharp move lower yesterday found support buyers between the 100 and 200 hour MA (blue and green lines in the chart above).  Today the price has been mainly confined by those two moving averages once again.  There were a couple bars which closed above the 100 hour MA, but the midpoint of the weeks range was another hurdle on the topside. Now the price is testing support against the 200 hour MA. On a break, traders will be looking for the bar to develop momentum to the downside and ultimately a close below the MA level (at the 0.9156 level currently).  Until the break, trader’s may continue to look at the level as an area to buy as the weekend approaches.

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One Response to “USDCHF tests 200 hour MA”

  1. scalper on February 19th, 2012 6:19 pm

    wow.. it seems squeeze between MA100 and MA200. nice combination support and resistance. waiting for breakout

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