USDCHF moves above its 100 day MA at 0.89334. Buyers enter on the break.
globalreutersJune 5, 20241 Mins read The USDCHF has moved above its 100 day MA after falling below it yesterday and going down to test and fail on break of the lower 200 day MA.
Today, the price has gradually risen and the stronger ISM services has been able to push the price above the 100 day MA at 0.89336. That MA is now close risk and the barometer in the short term. Staying above and the buyer and look forward to some more upside probing. The 100 hour MA and 38.2% of the recent move lower are targets.
Conversely, if the price was back below the 100 day moving average, look for disappointment on the failed brea and a resumption of the downward trend in the pair.
Buyers are making a play today, but they have work to do to increase the buyers confidence going forward.
This article was written by Greg Michalowski at www.forexlive.com.
Recent Posts
Categories
Related Articles
USDJPY bounces off 100 bar MA on the 4-hour chart. Can the buyers keep the momentum?
The USD/JPY pair moved lower during the morning U.S. session but found...
More from Goolsbee: Feels like we are heading to 2% inflation
Feel like we're headed to 2% inflation.Neutral is a long way below...
USDCHF moves above converged 100 and 200 hour MAs and rockets higher
Earlier today, I posted:USDCHF: The USDCHF held resistance at the 100-hour moving...
Matt Gaetz withdraws name for Attorney General nomination
This article was written by Greg Michalowski at www.forexlive.com.
Leave a comment