USDCHF falls below 100 bar MA on 4-hour and stays below, but support holds at swing area.

The USDCHF is trading up and down in trading today as the pair buys time ahead of the election results. The low for the price action has found support buyers in a key swing area between 0.86078 and 0.8619. That area also held support on Monday. On the upside, the 100 bar moving average on the 4-hour chart comes in at 0.86524 and represents a close resistance target.

On a move below the swing area at 0.86078, the rising 200 bar moving average on the 4-hour chart comes in at 0.85804. A move below that level would open the door for further selling toward 0.85368.

Conversely on the top side, a break above 0.86524, the key 100 day moving average at 0.86718 would be targeted. The price last week did move above that moving average on four separate occasions but could not sustain momentumon each break.

The 50% midpoint of the move down from the July high to the September low comes and 0.87116 and that would be another key target that if broken would give the buyers much more control.

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USDCHF Technical Summary

Current Situation

• Trading range-bound ahead of election results.

• Support found in key swing area between 0.86078 and 0.8619.

Key Levels

Support

• 0.86078-0.8619: Key swing area.

• 0.85804: Rising 200-bar MA on 4-hour chart.

• 0.85368: Further selling target.

Resistance

• 0.86524: 100-bar MA on 4-hour chart.

• 0.86718: 100-day MA.

• 0.87116: 50% midpoint of July high to September low.

Market Context

• Range-bound trading ahead of election results.

• Buyers seeking control above 0.86524.

• Sellers targeting breaks below 0.86078.

Key Takeaways

• Break above 0.86524 targets 0.86718 and 0.87116.

• Break below 0.86078 targets 0.85804 and 0.85368.

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