USDCHF backs off to support swing area between 0.8818 to 0.8825. Hold and buyer control.

The USDCHF has moved higher this week, peaking earlier today before moving lower. The subsequent move lower has taken the pair back to a swing area between 0.8818 and 0.8825 and its 200 day moving out at 0.8823. That area has so far held support. If it can continue, the bias remains to the upside. The buyers remain in firm control.

Conversely if broken, we should see a rotation back toward a cluster of moving averages including the 100 bar moving average on the 40 chart at 0.8806. The 200-hour moving average 0.87987, and the 100-hour moving average at 0.8794.

See and learn by watching the above video.

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