| The 0.8699 area is key resistance for the USDCHF. The USDCHF traded to a new low in the European session, taking out the low price from July 18. However, that low was just by a PIP or 2 before moving back to the upside. The gains were helped by better US data this morning which showed stronger GDP, a stronger job market, and a stronger consumer/business market as well (durable goods were higher). Technically, the move to the upside took the price back above its 200-hour moving average of 0.86248, and then it's 100-hour moving average at 0.86469. The high price has extended to 0.8694 so far today. That is just short of the high price from Monday and Tuesday near 0.8699. Increasing the levels of importance is that the low price from 2014 came in at 0.8696. So around the 0.8700 level in the USDCHF is not only key resistance in the short-term but also key resistance going back to 2014 as well. Traders will use that level as a barometer for bullish and bearish. Moving above would be more bullish. Stay below and the bears are still in play. |
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