Buyers and sellers battling between support and resistance levels
The USDCHF is trading in a modest up and down trading range today. The high to low range is only 36 pips. The 22 day average (around a month of trading) is 67 pips. There is room to roam.
Looking at the hourly chart, the price lows today stalled within a swing area between 0.72715 and 0.72799. The low for the day reached 0.92758 in the Asian session. The London morning session reach 0.92777.
The price has traded the last 3 hourly bars back above its 100 and 200 hour moving averages. Those MA (blue and green lines) are at 0.9286 and 0.9283 respectively. If the price can stay above both, the buyers should start to push higher (especially with the narrow trading range). The topside trendline cuts across the 0.9309. A swing area (see red numbered circles) comes in at 0.93185 to 0.93244. Those levels would be the progression of upside targets IF the price can stay above the aforementioned moving averages.
Break back below the moving averages and the swing area between 0.92715 and 0.92799, would next target a lower trendline at 0.92598, and the 38.2% retracement of the move up from the February 26 low at 0.92416. The low from last week reach 0.92342. That also would be a downside target on further selling momentum.
The tilt is to the buy side above the MAs, but with the range so narrow, the pendulum can swing either way. Watch the MAs for intraday clues as buyers and sellers battle it out.