USDCHF tests trend line and 200 bar MA on 4-hour at 0.9926

Technical Analysis

Both technical levels come together and stall the rally

The USDCHF raced to highest level since June 20 after the data. The high reached 0.99248. That high price tested the 200 bar MA on the 4-hour chart and a topside trend line (connecting May 7 high and June 19 highs)

Key level for the bulls and bears.  

Move abvove opens the door for a move toward 0.9959 (50% retracement from the May 7th high), and then the 200 day MA at 0.99784. The price moved above and back below the 200 day MA over the June 14-19 time period.  A move above would target parity at 1.0000 and then the 100 day MA at 1.00117.  

ON the downside, the 38.2% of the move down from May 7 high at 0.98967.   The earlier high from July 2 this week, came in at 0.9888. That will be eyed as well for support if tested.  

ForexLive

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