USDCHF backs off after testing old ceiling area | Forexlive

The USDCHF has had its shares of ups and downs today, but:

• The 200 hour moving average based the pair on one of the downs (green line) and the price extended higher.

On the topside,

• The pair moved above the broken 38.2% and recent swing area between 0.9259 and 0.9262 (see green numbers circles), but
• Found sellers near the low of a swing area ceiling between 0.9278 and 0.9290 (see red numbers circles)

The high price stalled at 0.92815

The price is currently trading at 0.9262. That is back back down near the swing area between 0.9259 and 0.9262 along with the 38.2% retracement at 0.9256.

Sellers from above would want to see that area broken, followed by the 100 hour MA at 0.92506 to give more control back to the sellers.

Conversely, if this area can hold right here, the hope would be for another run to the topside, and the high of the swing area above at 0.92904.

Key area for both buyers and sellers intraday.