USDCHF remains confined within a well-defined trading range after failed breakout attempts on both sides of a trading range going back April 23rd this week. On Wednesday, the pair dipped below the range floor at 0.8195, reaching a low of 0.8185, but momentum quickly faded and the move was reversed.
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.
For now, the red box range between 0.8195 and 0.8333 continues to define the battle lines. A convincing break and close outside either boundary—supported by momentum—will be needed to tilt the bias more clearly in favor of buyers or sellers.
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.
Key levels:
Range resistance: 0.8333 (failed breakout high: 0.83405, next target: 0.83505 – 38.2%)
Range support: 0.8195 (failed breakout low: 0.8185)
Neutral zone: Within the box; moving averages clustered near midpoint
This article was written by Greg Michalowski at www.forexlive.com. Read More Details
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