USDCHF moves higher. EURCHF hangs near day lows

Technical Analysis

Author: Greg Michalowski | usdchf

USDCHF trades at session highs.


The USDCHF is following the dollar move higher and trades at new session highs. Looking at the hourly chart, the pair moved lower BUT stalled and bottomed right at the 200 hour MA.  Holding that level helped the upside (as did the overall dollar bullishness that has been prevalent in the US time period).  The high closing bar on the hourly chart last week came in at 0.9756 and that is the high for the day so far.  The pair peaked at 0.9770 last week.  That is another target.  


While the USDCHF moves higher, the EURCHF is not seeing the upside love.  Like the USDCHF, the price did bottom at the same 200 hour MA level (give or take a pip at the bottom).  It also bottomed near lows from Thursday and Friday from last week.  

However, the rally has been more moderate today and the pair now trades below it's 100 hour MA at 1.0879.  A move above that level will be eyed if the buyers are to take more control in this pair. 

 
Overall, I like the support holding the 1.0865 level, but there is more to prove if the buyers are to take this pair away from the lower extremes.  PS 1.09077 is a nice double top. That was made at the highs in trading today.
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