Author: Greg Michalowski
Buyers trying to take back some control - at least into weekend
The USDCHF tested key support against the 50% and the 200 day MA (at the 0.9527/36 area) but could not stay above as the dollar continued it's slide.
The subsequent fall has taken the pair through the next key level against the 100 day MA (blue line ) at the 0.9484 level. The low reached 0.9462.
The sellers are more in control but the dip buyers are trying to prove they can take back some control. On the daily chart that would come on a move back above the 100 day MA now. That would be the minimum. As I type the price has moved a few pips back above that 100 day MA. Fed's Bullard is chirping about forward thinking thoughts about higher inflation and lower unemployment. That may give traders some cause for pause in the dollar selling. The line in the sand is the 100 day MA though.
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