USDCHF trades up & down and holds support at retracement target. Ceiling stalls the rally.

The USDCHF initially traded higher today but once again found resistance against the ceiling area between 0.9146 and 0.9156. The subsequent fall to the price down to them through the 100 bar moving average on the 4-hour chart, but found support against the 38.2% retracement of the April trading range. That level came in at 0.90953.

So support and resistance have been found. The current price trades between those levels with traders looking for the next shove.

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