USDCHF fails at both ends of its recent range — price remains trapped ...Middle East

Today, the price pushed above the top of the box at 0.8333 and reached a high of 0.83405. However, that too failed to hold, falling just short of the key 38.2% retracement level at 0.83505. The inability to sustain momentum outside the range suggests indecision and a lack of directional conviction from traders. Ultimately if the price is to gain more momentum, getting about the 38.2% retracement is a minimum retracement.

In between the extremes of the red box at the converged 100 and 200 hour moving averages at 0.8253. There might be some support ahead of that between 0.8272 and 0.8280. With a price now trading at new laws, those levels become downside targets and risk/bias defining levels.

Range resistance: 0.8333 (failed breakout high: 0.83405, next target: 0.83505 – 38.2%)

Neutral zone: Within the box; moving averages clustered near midpoint

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

Read More Details
Finally We wish PressBee provided you with enough information of ( USDCHF fails at both ends of its recent range — price remains trapped )

Also on site :

• ‘Shadow Force’ Review: Two Spies Get Dragged From the Cold in Middling Action Opus
• UAE denies supplying Sudan paramilitaries with Chinese arms
• A new Florida bill about non-compete agreements could mean big changes to the employment landscape