USDCHF trades near midrange
The USDCHF is trading near the days midrange after finding sellers near what is the 4 day high and then finding buyers near the 4-day low.
Looking at the hourly chart, the high price from Monday’s trade reached 0.94284. The high price today extended to 0.94278 just below that high in the early Asian session.
The subsequent fall saw the price extend below the 100 hour moving average and the upward sloping trendline connecting the low from February 24 and the low from yesterday’s trade. However as the pair approached the lower swing area lows seen over the last four trading days between 0.9340 and 0.9348, buyers entered and pushed the price back to the upside.
Admittedly, the price action near the middle of the range has been trading above and below the 100 hour moving average (at 0.9376 currently), and a swing area between 0.9387 and 0.9393.There is no discernable respect to the 100 hour MA or the swing area.
That price action is congruent with other pair which has seen choppy price action and reaction to stocks and yields. The S&P 5-minute chart below is indicative of the ups and downs in equities today and that is being reflected in the last few hours of trading in the USDCHF as well.
Look toward the extremes (red box) for better clues.
S&P is trading up and down today