USDCHF trades up and down as a range is established for the pair in the short term | Forexlive

The USDCHF has continued the ups and downs started on Monday.

Looking at Monday on the hour chart above, the low saw a try below the 50% of the 2023 range at 0.92328, but that move was quickly rejected, and the price rotated to the upside where sellers took the price just above last week’s high – but only by a few pips. The high price reached 0.92904 and consolidated from there into the close.

In trading today, the initial move was to the downside in the Asian session. After a early European spike to the upside that found sellers against the high price from yesterday and last week – and also within a swing area between 0.9278 and 0.92904 – the buyers once again turned to sellers and pushed price back to the downside.

The low price today in the European session came in at 0.92419. That was about nine pips short of the 50% midpoint at 0.92328. The current price trades at 0.9258.

What the two days to start the week have shown is a bunch of ups and downs as the pair consolidates.

However most the consolidation is taking place above the 50% midpoint of the 2023 range which gives a tilt to the upside. Having said that, there is also a ceiling forming between the 0.9278 and 0.92904 area that would need to be broken to increase bullish bias.

So the battle continues with traders waiting for the next shove and the buyers holding the better hand but only barely..