USDCHF continues ups-and-downs but with a lid defined by the 100 hour MA ...Middle East

As price consolidates, the 100-hour moving average (blue line) has gradually moved lower and is now acting as dynamic resistance. Yesterday’s rally stalled just below the moving average, and in early European trading today, the pair dipped to a session low of 0.8128 before rebounding once again—only to find sellers stepping in just ahead of that same falling average. The 100-hour MA currently sits at 0.81897.

Upside targets include:

Monday’s high at 0.8269

For now, the sellers retain control below the 100-hour MA. Targets on the downside include the low price from yestarday and today near 0.81288. Below that and the low from last week - and the lowest level since September 2011 - would be eyed at 0.80897. Looking at the daily chart, the pair fell below a key floor area between 0.8333 and 0.8373. Ultimately, if the price is to move higher, getting above that old floor is a necessity from a technical perspective.

This article was written by Greg Michalowski at www.forexlive.com.

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