USDCHF bounces off lows from Friday | Forexlive

After running up in the European session as the Credit Suisse situation played out, the USDCHF extended above a swing area between 0.9278 and 0.9290 along with a topside trendline.

The high price reached 0.93117 but stalled wellhead of the high prices from last week which extended up to 0.93406.

Stocks started to rebound in the EU (and in the early US), and that took some of the pressure off the CHFs decline. The buyers turned to sellers in the late European morning session and into the US session.

The subsequent move to the downside took the USDCHF to a low of 0.92398. That low tested the low price from Friday at 0.92389. In the process, the price also dipped below the rising 100 hour moving average currently at 0.9246. However the pair has found some buying off those support levels and currently trades back up at 0.9266 as I type.

PS The 200 hour moving average is also in play at 0.92553, and that level also happens to be the 50% midpoint of the range March 2023 trading range.

So there is a number of technical support levels between 0.92389 and 0.92553. If the price can stay above those levels now there is more potential for a rotation back to the upside.

Overall, buyers had the shot above the trend line earlier today. Sellers more recently had their shot below the 100 hour moving average. That price action suggests a reset as traders decide which trader (buyers or sellers) should have more control. In the meantime buy the dip, and sell expensive with the swing area up to 0.92904 on the topside, and the 100 hour moving average and low from Friday at 0.9246 and 0.92389 as a support.