USDCHF consolidates gains. Traders use swing area resistance as lean point/low risk target

The USDCHF is consolidating in a narrow trading range today after and up and down move to the upside on Monday and Tuesday. Recall on Monday, the low price installed nearly 38.2% retracement of the move up from the March 2024 low. That level comes in at 0.90341.

The subsequent move to the upside has taken the price back above its falling 100-hour moving average at 0.90753. However, resistance held against a swing area between 0.9087 and 0.90949. Sellers leaned against the high of that risk-defining level today. The stall at that level, increases at levels importance from a technical perspective going forward. A move above is needed to give buyers the go-ahead to push higher.

Conversely on the downside, the low price today stalled against its 100-hour moving average. Moving below that level would give sellers more ammunition, and disappoint the buyers seen this week.

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