In yesterday's video, " Watching the old floor which is now a ceiling for the USDCHF" I spoke to the resistance area between 0.8333 and 0.8373. That area was an old floor going back to the low in January 2015, the low from December 2023 the lows from September 2024. Breaking a floor, turns it into a ceiling and earlier this month, the price broke below that floor area and saw increased momentum.
The low reached this week, reached a new low going back to 2011 down to 0.8038. The price this week then started its rotation back to the upside.
In trading today, the price extended higher (to a new high for the week), and stretched to the low of that swing area at 0.8333. Sellers leaned against the level.
The price has since rotated back down and currently trades at 0.8292. Sellers against the level are benefiting from the rotation to the downside.
If that momentum can continue, getting below 0.8269 and staying below that level is my first major target. Below that and traders will look toward a swing area between 0.8230 and 0.8239 followed by the rising 100 hour moving average of 0.82163 and rising 200 hour moving average of 0.81898.
This article was written by Greg Michalowski at www.forexlive.com. Read More Details
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