... trend line on the daily providing some added resistance in the area
Yesterday, the USDCHF surged above the 200 day ma at 0.9953. Then moved above the 1.0000 level, on it's way toward the 100 day MA at 1.00423.
Today that 100 day MA has been broken but a trend line at 1.0052 is providing some additional cause for pause. We currently trade between those levels looking for the next push. Give the nod to the bulls but not surprised to see sellers against the area with close stops on a move back above the 1.0952 level. Risk is defined and limited, but buyers are still more in control given the surge higher over the last few trading days (201 pips), and trading above the 100 day MA. If the 100 day MA is broken, though, there could/should be some profit taking on the failure. Key area folks.
