The USDCHF has seen up-and-down price action today.
In the Asian session, the stalled right at the 38.2% retracement of the move up from the June 29 low. That level comes in at 0.97359. Later, in the European session, the price fell below that 38.2% retracement to a new session low of 0.97314. However, the price snapped back higher once again.
This time the run higher extending back above its 200 hour moving average of 0.9700 (green line). Similar to the break of the 38.2% retracement below, momentum could not be sustained above its 200 hour moving average.
In the last few hours, the price has rotated back to the downside and back below the 38.2% retracement for the second time today.
Traders will now look for additional momentum away from the retracement level. Sellers are making a play. Can they keep that play going? Watch a break below 0.97232 to give more confidence with the next major target at the 50% midpoint of the move up from the June 29 low.
What would spoil the downside for sellers looking for more momentum?
A move back above the swing low from last Wednesday near 0.97507 would give sellers cause for pause once again and keep the pair in the up and down trading range seen today.