EURCHF supported after failing to push lower last week

Written August 24, 2009 at 11:23 AM EST by  

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gregmike-04539

We have been looking at the EURCHF 100 and 200 day MA recently. Last week, the price moved below the 100 day MA for first time since June 24th.  The break pushed the pair to the 200 day MA, but despite two separate attempts to break through the level, the attempts were not successful.

gregmike-04538

Today, the market gave up on the downside, and started an upside move. The action has taken the price above the 100 hour MA at the 1.5174 level and toward the 200 hour MA at the 1.5213 price.  The high for the day has come in at the 1.5206. 

Look for buyers now against the 100 hour MA currently at the 1.5172 level.  The 100 day MA at the 1.5162 is also key support.  A break above the 200 hour MA would further confirm the upside should solicit additional buying interest. Bias is looking good for the EURCHF with longer term target that could see 1.5276 (61.8% in the chart above).  Watch key levels for the clues.

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