200 hour moving average above and 100 hour moving average below confines the trading range
The USDCHF is ping-ponging between the hourly moving averages. On the topside, the pair has found sellers near the 200 hour moving average above. That moving average currently comes in at 0.9175. On the downside, the 100 hour moving average at 0.91382 is finding leaning support buyers.
The battle zone between 0.9138 and 0.9175 is confining and defining the range. Traders will be looking for the next shove for a breakout.
Overall the longer term trend has been to the downside. The rise yesterday was able to extend above the 200 hour moving average, and a swing area from July 24 to July 28 between 0.92254 and 0.92293. The break above the 200 hour moving average was the 1st since July 17.
The inability to take those breaks and run with it, disappointed the bulls and after breaking back below the 200 hour moving average, has seen traders leaning against that moving average once again.
For now, the battle rages with support and resistance defined by the hourly moving average levels.