...and finds sellers
The USDCHF got in the dollar buying action over the last few days and went up to test the topside trend line. That trend line was started in August. In September the line held, and now in October it holds again - at least on the first look.
Traders can anticipate this as risk can be defined and limited against the level. So traders can sell against the level as a trade or take profit if long. If the price goes above, stop out or get back in. If the price moves lower, traders can take profit on the correction (and get back in).
Where is support now?
If you look at the move higher today, and the correction off the high, the 50% of the move higher comes in at 0.9752. Stay above and the buyers remain in control. Move below and the waters might get more muddy (some further back fill possible).
