USDCHF rebounds in trading to start the trading week with lots of overhead resistance

The USDCHF moved lower on Friday, but for the 2nd time last week, the breaks below the 200 day MA at session lows could not be sustained. Nevertheless, the price stalled just above that MA at 0.8896.

In trading today, the price rotated higher and moved up to a swing low area from both Thursday and early Friday’s trade at 0.89318. The price has initially stalled against that level keeping the sellers in play/maybe even in control. After all there is a cluster of moving averages above that the price continues to trade below. That cluster includes:

• 200-hour moving average 0.8939,
• 100 hour moving average at 0.8940, and
• 100 day moving average 0.8955

Ultimately, the price would need to get above all those levels to shift the bias more in the buyers favor.

With the price stalling at 0.89318 level, the buyers are making a play, but the sellers are still more in control.

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