USDCHF trades to a new high but backs off again on the first test

The USDCHF has moved higher after an initial dip post weaker GDP growth. However, when traders noticed the price data, the price quickly reversed higher. In the process, the high price for the year from yesterday at 0.9152 was breached with a new high reaching 0.91558, but momentum could not be sustained and the price has since rotated modestly lower.

If the buyers are to take more control they need to get and stay above 0.9152. Alternatively, support against the 100 and 200 hour moving averages at 0.9117 to 0.9120 must hold support if the buyers are to keep control.

This article was written by Greg Michalowski at www.forexlive.com.