… the pair ran into key resistance at 100 day MA/200 hour MA
The GBP is the strongest currency today. The CHF is the weakest. That has the GBPCHF as the biggest mover on the day. IN fact, the GBPCHF is up 0.75% on the day (higher). However it is off the session highs as well after running into some key overhead resistance.
Looking at the hourly chart below, the pair actually traded to the lowest level since September 9th at 1.21629. However, at the low, the pair was testing the 50% retracement of the move up from the September 2 low at the 1.21630 level. THe inability to extend lower, led to sellers turning to buyers and the price moved higher.
The price was able to move above its 100 hour moving average at 1.22473 (blue line in the chart below), and next targeted the 100 day moving average at 1.23018 and the 200 hour moving average at 1.23120.
The high price for the day extended to 1.2314 – just above its 200 hour moving average – before rotating back to the downside. The price has since moved back below its 100 day moving average, and now trades between the 100 hour moving average at 1.22473 and the 200 hour moving average 1.23120. We currently trade at 1.22649.
So, the price has corrected and moved higher in trading today helped by support buyers against 50% retracement.
However, there was some reluctance to continue the move against the 200 hour moving average.
As a result , buyers and sellers are battling it out now between the 100 hour moving average below and the 200 hour moving average above.