USDCHF waffles in a narrow trading range, but what next? Where is close support/resistance

The USDCHF is trading in a narrow range today (only 33 pips). However, the buyers remain in control after the bounce off support on Monday and gains over the last few days.

The price had moved back into a swing area on the daily chart between 0.9112 and 0.9156. That area will need to be broken going forward to increase the bullish bias. A break above would target the 50% of the range since the 2022 high at 0.92395. That level also corresponds with swing highs from 2023 and 2024. Key target on the topside now.

On the downside, the 100-hour MA and 200 hour MA at 0.9084 and 0.90695 would need to be broken – and remain broken – to give the sellers some control – at least in the short term. Absent that, and the buyers are still firmly in control. The low price today reached 0.9098.

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