The USDCHF moved to a new high and in the process extended to a new high going for the month and going back to July 14. However, momentum could not be sustained and the price moved back to the downside. A ceiling is now between 0.9860 and 0.98688.
ON the downside, the 100 hour MA (blue line) did hold support on the first test. However, the pair has moved below the 100 hour MA in the last few minutes, giving the sellers more control in the short term. The price is testing the highs from August 31 and also highs on September 1.
Taking a broader look at the daily chart, the high price today stalled near the low of the upside swing area. The high price today reached 0.98688. The low of the swing area off the daily chart comes in at 0.98713 and extended up to 0.98908. So, there is some risk focused sellers against the topside swing area.
