200 hour MA also in play as a support level
The USDCHF on the hourly chart below, is trading between trend lines. The upper trend line stalled the rally earlier in the day (currently cuts across at 1.0002). The lower trend line helped to stall the fall more recently at 0.9975 (see chart below). Also at the low just reached, the pair’s fall stalled at the 200 hour MA (green line).
That range is fairly confined. At some point there will be a break and run. For now the buyers have a little advantage – I like the holding of the 200 hour MA/lower trend line on the correction. Lows are higher as are the recent highs.
Not so bullish is that the move higher is not racing higher. Traders are leaning at the extremes and looking for the break.