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USDCHF spike stalls at key moving average resistance and backs off.
USDCHF spiked higher as headline-driven volatility sent yields and the USD surging. However, the upside move met resistance, with price stalling just below the falling 100-hour moving average at 0.86736. The high reached 0.86678, narrowly missing the MA level before rotating back lower. That rejection reinforces the importance of the 100-hour MA as a key resistance level to watch going forward.
On the downside, the 4-hour chart highlights a support swing area between 0.85309 and 0.85570 (see red numbered circles on the chart below).
Between these broader levels lies a key mid-range zone defined by the 38.2% retracement and a secondary swing area between 0.86078 and 0.86190. This area will act as a barometer for short-term directional bias (see blue numbered circles on the 4-hour chart).
Buyers took there shot, but stalled the rally. So buyers and sellers are now in a battle.
This article was written by Greg Michalowski at www.forexlive.com.