USD/CHF has traded between 0.8290 and 0.8348 for six trading days, and neither buyers nor sellers have held a break. Sellers pushed the pair toward its hourly moving averages, but buyers pulled it back.
USD/CHF has stayed inside a range of 0.8290 to 0.8348 over the last six trading days. That spread is just 58 pips, and neither side has been able to sustain a break.
Both ends of the range were tested yesterday. Support held near 0.8291, while resistance near 0.8348 capped the rally into the close.
Sellers test the moving averages
Today, sellers leaned against the topside resistance in the Asia-Pacific session. They pushed the price toward the 100-hour moving average at 0.8322 and the 200-hour moving average at 0.83156.
However, the break did not hold. The pair reached a low of 0.8313, briefly dipping below both averages before bouncing higher.
What each side needs next
The moving averages now act as the close barometer for buyers and sellers. If the pair stays above both, buyers have room to push back toward the 0.8348 ceiling. If it moves below both and stays there, sellers would take more control and open the door to another test of support near 0.8290.
For now, the broader range remains intact. A sustained break of the floor or ceiling is needed to move beyond the ping-pong trading.
Source: investingLive
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