Sunday , 24 November 2024
Home Forex USDCHF tests 38.2% support. Will buyers hold support. EURCHF stays below 100/200 bar MAs
Forex

USDCHF tests 38.2% support. Will buyers hold support. EURCHF stays below 100/200 bar MAs

To start the new trading week, the buyers are holding onto control, but for the EURCHF, the sellers are holding the stronger hand (and in control).

USDCHF: Last week, the USDCHF moved above its 38.2% retracement of the move down from the July high to the September low at 0.86318. Midweek, the price tested that moving average but bounced higher. In trading today, the price has moved down to retest that retracement level but has so far found willing buyers. If the price can stay above that retracement level, a rotation back toward the high prices from last week near 0.8670 would be targeted, followed by the 100-day moving average and 0.8700. Conversely, a move below the 38.2% retracement would have traders targeting a swing area between 0.86078 and 0.8619.

EURCHF: For the EURCHF, the price on Thursday last week bounced off a trend line and retracement level near 0.9352. The subsequent move higher on Friday saw the pair retesting the 100 and 200-bar moving averages on the 4- hour chart above and below 0.9400. In trading today, the high price in the Asian session stalled right near the 0.94013 level (200 bar moving average only four hour chart), and moved lower. That kept the sellers in control. On the downside, the rising trendline cuts across at 0.9358. Below that the 61.8% retracement of the range since October comes in at 0.93512.

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

Leave a comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Related Articles

Trade ideas thread – Monday, 25 November, insightful charts, technical analysis, ideas

Good morning, afternoon and evening all. Any charts, technical analysis, trade ideas,...

Monday morning open levels – indicative forex prices – 25 November 2024

As is usual for a Monday morning, market liquidity is very thin...

Newsquawk Week Ahead: US PCE, FOMC Minutes, RBNZ rate decision, EZ HICP, and Aussie CPI

Mon: German Ifo (Nov), US National Activity Index (Oct)Tue: FOMC Minutes (Nov);...

Weekly Market Outlook (25-29 November)

UPCOMING EVENTS:Monday: PBoC MLF, German IFO.Tuesday: US Consumer Confidence, FOMC Minutes.Wednesday: Australia...