While the EURUSD and GBPUSD pair are trading between the 100 and 200 hourly moving averages, the USDCHF pair is also trading between these two moving averages with the last trading day of the week starting.
The 100-hour moving average is below the current price at 0.8448 (blue line in the chart below). The 200-hour moving average is above 0.8494 (green line).
The good news for buyers is that the price moved above the 100-hour moving average yesterday for the first time since August 10.
For the trading week, USDCHF closed last week at 0.8476. The price moved to its lowest level of the week and its lowest level since January 3, at 0.8399 during yesterday’s trading day (let’s call it 0.8400). The lowest level of the year is 0.8390, which was reached on the first trading day of the calendar year.
Today, buyers entered against the zone and pushed the pair above the 100-hour moving average. The current price is at 0.8469, 7 pips below the closing level from last week.
Overall, sellers had their chance this week, but buyers who were on the downside entered near the 0.8400 level and 9-10 pips below the 2024 low. However, the pair remains below the falling 200-hour moving average.
If the price can clear the 200-hour moving average, buyers may feel a little more comfortable with the potential for further upside. Absent that, sellers are still in the game despite the modest late-week bounce.
Look for a break with momentum either above the 200 hour moving average, or back below the 100 hour moving average.
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