USDCHF failed on the break higher today
The USDCHF broke to the upside today extending above the topside swing area between 0.9278 and 0.9290. The break increased the buying momentum with the price extending to a higher 0.93308 before rotating back to the downside.
After trying to hold support against the previous high from February at 0.92904, the price broke lower in the New York morning session and continued the retracement into the close. The price has now erased all the gains of the day. The close yesterday came in at 0.9256. The low price just reached 0.9243
On the downside the price is approaching the 100 hour MA at 0.9233. The 200 hour MA comes in at 0.9225. Those levels will be barometers in the new trading week. Stay above is more bullish. Move below is more bearish. Both on Wednesday and Thursday, the price stalled near the MAs. Admittedly, there was trading above and below the MAs yesterday, but momentum could not be sustained.
With the failure on the break of the topside ceiling, that area is reestablished as topside resistance with intereim resistance at 0.9258 to 0.9262.