USDCHF technicals
The USDCHF has been trading in a sideways range for the past 10 days, confined within a Red Box defined by support at 0.8195 and resistance at 0.8333. This consolidation reflects market indecision, as traders await a breakout for directional clues.
The latest price action shows the pair testing the 100- and 200-hour moving averages, currently converged between 0.8255 and 0.8259. These levels are acting as short-term resistance. A sustained move above would tilt the bias modestly higher and expose the top of the consolidation zone near 0.8333. Beyond that, the 38.2% retracement of the move down from the March 31 high comes in at 0.83505
On the downside, failure to hold above the moving averages could see the pair rotate back toward the lower bound of the range near 0.8195, with further support around a swing area between 0.8097 and 0.81288 of the low price from 2024 and 0.80389. That is also the low price going back to 2011.
Key technical levels:
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Resistance: 0.8259 (100/200-hour MAs), 0.8318 to 0.8333 (swing high area of the consolidation range)
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Support: 0.8195 to 0.8212 (swing area at the low of the red box)
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Bias: Modest negative below the 100/200 hour moving averages
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