<p>The USDCHF broke to a new week high with a break above the 0.9259 to 0.9262 area (see blue numbered circles), and extended to a high of 0.9271. However the break stalled ahead of the next key target ceiling between 0.9278 and 0.9290 (green numbered circles).</p><p>The momentum fade in the dollars moved to the upside also help to stall the rise. The price has subsequently moved back below the lower swing area between 0.9259 and 0.9262.</p><p>The current price trade around 0.9243. That is between the aforementioned swing area and the near converged 100 and 200 hour moving averages (blue and green lines in the chart above). Those MA levels come in around 0.9223.</p><p>Earlier today, the price trade above and below those moving averages as the market awaited for the next shove.</p><p>With the price between the support and resistance levels, the bias is a bit positive in the short term. The price is still above the close from yesterday at 0.92364. The price is also above the 100 and 200 hour moving averages.</p><p>However, sellers on the failed break above the 0.9262 level can also stake a claim to a more bearish bias.</p><p>So the buyers and sellers will battle it out with the price between the levels.</p>
This article was written by Greg Michalowski at www.forexlive.com.
