USDCHF waffles above and below its 100 and 200 hour moving averages

Non-trending up and down day

The USDCHF is non-trending in a up and down day. The pair is trading near unchanged (closed at 0.9134). The low today reached to a lower trendline on the hourly chart below and bounced.

On the topside, the pair approached its 200 day moving average at 0.91545. The high price reached 0.91528 and rotated back down.

Between those extremes sits the converged 100 and 200 hour moving averages (blue and green lines) at 0.91307. The current price is just above that at 0.9131.

The up and down volatility suggests the market is unsure of the directional bias. Nevertheless traders are using fairly narrow extremes with the trendline attracting the buyers and the 200 day moving average attracting the sellers.

At some point, there will be a break and a run (hopefully?) in the direction of the break.

On the topside a move above the 200 day moving average would have traders looking toward the high from Friday which was just below the high from October 29 near 0.91754.
A break to the downside would look toward a swing area between 0.91019 and 0.9104. Fall below that and the low from last week at 0.90811 would be targeted

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Forex Trading For Beginners 2021

Tuesday, 9 November 2021