Correction higher off week low stalls just ahead of the 38.2%
The USDCHF rebounded on Tuesday helped by breaking above trend line and chatter about SNB intervention. The rally continued modestly yesterday (lots of ups and downs). The price closed above the 100 hour MA. The rally continued today, but stalled at the 38.2% at 0.98158. The high reached 0.98135. So far just a normal, plain vanilla correction...
The price rotated lower and bottomed over the last few hours just ahead of the 100 hour MA at 0.97592 currently.
Buyers should stall the fall against the level with stops on a break below. If they do, they may take another run higher. If not, the selling may look to test the lows again (and the SNB).