A tilt back to the upside.
The USDCHF move down to test the early Monday low at 0.9166. The low today reached 0.91628 and stalled.
The price move back to the upside took the pair back above its 200 hour moving average at 0.91815 and its 100 hour moving average at 0.91917. The US highs is still below the high for the day at 0.9204 reached in the Asian session.. A swing area going back to August 11 (see blue numbered circles) comes in between 0.9199 and 0.92057. It would take a move above that level to further increase the bullish bias today.
Taking a broader look at the price action going back to August 6th, shows a a lot of up and down volatility. There is a discernible floor between 0.9099 and 0.91136. There is a discernible ceiling between 0.92317 and 0.92414. The “red box” (which is also in a number of other currency pairs), is suggestive of a unsure market bias (dollar bullish? or dollar bearish?).
I can say,there has been higher highs in the month of September. Stay above the 0.91628 level will keep that idea in play (and the bullish bias).
Having said that, getting above levels like the 0.92057 level and then the ceiling area (and outside the red box) is still needed to give the buyers more control, and hopefully lead to more momentum in the direction of the break.
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