USDCHF reaches downside target at 1.0646.

As per prior post (click here), the USDCHF broke through support and moved toward the target level at teh 1.0646 level. The low reached and has bounced.  The level remains a key level below with a break leading to further liquidation toward 1.0609. 

On the topside, look for resistance at the 1.0675 now.

USDCHF continues to range trade with a bearish bias

The USDCHF moved below the 100 and 200 bar MA, found support at the 1.0737 level and has bounced back to the 100 hour MA. Now the price is back below the  200 hour moving average in a choppy session.

The good news is the levels are known. Resistance comes in against the 100 hour MA at the 1.0798 level. By the way the midpoint of the weeks range comes in at the 1.0796 level.  The supprot comes in at the 1.0737 double bottom. 

On the topside a break of 1.0798 has additional resistance at the 1.0825 level.  Then the high for the week at the 1.0878. On the downside the low for the week at 1.0715 is the next target. Bias does remain down below the 100 hour MA.

USDCHF holds 100 hour MA and pauses

As per the prior post, the USDCHF fell to and found support at the 100 hour MA level (see prior post).   The market has paused at the level as it decides the final direction into the Friday close.  Traders who are short from above (i.e. a break of the 1.0825 support or above - see earlier post) are in control as the weekend approaches.  Taking profit or partial profit at the level is an option and restart on Monday.   Doing so, keeps something in the game and could benefit from any weekend tension in the Middle East (should there be any).  From a standing start, it is best to leave well enough alone and look for a better opportunity after the market opens.

The USDCHF tests the 1.0825 support level and bounces

The USDCHF went down and tested the 1.0825 level where the old high from last Friday, and the high from yesterday (prior to the surge higher) . The price dipped just below the level at 1.0819 and 1.0821 but each time the price bounced.  A move back below may not be so lucky.   On the topside look for sellers against the 1.0847 level (100 bar MA on the 5 minute chart).  WE should see sellers against this moving average with stops above it.

USDCHF holds 200 hour MA and 38.2% Fibo support

The USDCHF fell through support at the 1.0250 level but held the support agains theh 1.0242 level where the 200 hour MA and the price rebounded.  The 1.0276 level is the next target, but the break above the channel trendline, the holding of the 200 hour MA should have the bulls feeling more comfortable.  Where they get concerned is a break through the 200 hour MA now.

USDCHF tests 100 day MA resistance and 38.2% retracement at 1.0267 and 1.0272.

Like the GBPUSD and the USDJPY, the USDCHF is near/testing the 100 day MA today at the 1.0269 level (blue line in the chart above).  The high extended above the key level to a high of 1.0284, but the price has since fallen back below.  Also of note is the 1.0272 level which is the 38.2% resistance of the move down from the December high to the November low.  A move above both these levels, should be a signal for a resumption of the bullish bias for the pair to the upside. 

Watch the level closely today.  Upside targets on a break will take the pair toward the 1.0316 (50% retracement level) and the trendline at 1.0334. 

On the downside, should the price hold the key resistance, look for a move to test the 100 bar MA on the 5 minute chart at the 1.0250 level. This moving average has held support today and will be watched closely by market technicians.

USDCHF approaches the support at 100 hour MA

After failing on the break above the  upper trendline (see chart above), the price in the USDCHF has moved back down to test the 100 hour MA at the 1.0185 level (blue line in the chart above).  A break of the level should lead to a move to the low of the day (1.0159) and the bottom trendline area at the 1.0150 area.  If the level holds, the upside should now find intraday resistance at the 1.0207 which is the 100 bar MA on the 5 minute chart (blue line in the chart below).  This moving average line is starting to flatten out and show signs of topping.  Above that level remains the key support against the top trendline at 1.0228.

USDCHF tests the topside trendline of bear flag and holds

The USDCHF has been forming a bear flag over the last 4 trading days.  The holding of the top trendline level keeps the formation alive for a potential break. I would expect that sellers will continue against the level with a move below the 100 hour MA at 1.0190 currently (blue line above), confirming a move down to the lower trendline boundaryat around 1.0150 level. 

If the price breaks above the upper trendline,  a move toward the 200 hour MA at the 1.0253 is likely (green line in the chart above).  Right now, however, look for the upside sellers against trendline resistance.

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