USDCHF finds sellers against its 100 hour MA above and buyers near the 200 hour MA below
The USDCHF is trading betten its MA "goal posts" defined by the 100 hour MA above and the 200 hour MA below.
The high today reached 1.0084 when the 100 hour MA was at 1.0086. Early sellers kept a lid on that pair. At the downside, the low reached 1.0052 with the 200 hour MA at the time at 1.0051. The respective MAs are moving higher with the 100 hour MA (blue line) at 1.00873 and the 200 hour MA (green line) at 1.0052. The 38.2% retracement is also play at 1.0048
Traders are using the "goal posts" to defined and limit risk. They are also saying that they are a bit unsure of the next directional push from here.
The price since February 28th has been moving higher with the range from 0.9926 to 1.01236. That is more bullish, but the move back below the 100 hour MA yesterday, tilted the bias a little more to the downside. A move below the 200 hour MA is needed to help confirm a more negative bias for the pair.
Looking at the daily chart, the high from last week fell just short of the November 2018 high at 1.01292 (high reached 1.0123). The near double top is bearish and trying to put a lid on the pair.
So there is a battle ongoing in the pair with sellers from the daily at the double top and from the hourly below the 100 hour MA exerting a bearish bias, but buyers vs the 200 hour MA trying to keep the bulls more alive for a potential third run to the highs. The hourly MAs should help unwind the story.
