USDCHF finds willing sellers near week highs, moving averages and key swing area

The USDCHF has moved back toward the high for the week, and in the process is retesting a swing area between 0.9087 – 0.90978, and converged 100 and 200 bar moving averages on the 4- hour chart at 0.90915.

The high price installed near 0.90978, and the price has rotated back lower and below the aforementioned target resistance area. Stay below the 0.9087 – 0.90978 area keeps the sellers in play. Going forward it would take a move above that area to increase the bullish bias.

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