- The USDCHF moved higher last week but found willing sellers near the 38.2% range from the 2022 high at 0.9025. The highest value of the NAM sector was 0.8921 US dollars.
- The subsequent move was lower on Thursday and into Friday after the weaker PCE data sent the price to a key swing area between 0.8914 to 0.8923. The fall stopped short of that calf and it bounced gently into the enclosure
- Today after being fixed at the area 0.8914 to 0.8923, the price started to move higher. The price moved above the 100 time MA at 0.8956. That level also corresponds to the high level since November (at the same level). Now that's close support. The price needs to move that level to give sellers some control at least in the short term. Without that, and the buyers are in full control.
- The 200 hour MA at 0.8930 (and a move higher) must also be broken to increase the bearish bias.
Overall, the customers are in full control.
This article was written by Greg Michalowski at www.forexlive.com.
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