USDCHF tests key moving averages as sellers lean against 0.8000 resistance ...Middle East

The failure to break through that resistance has turned the focus lower. The pair is now trading back and forth around the 100-hour moving average at 0.79629, with the 200-hour MA at 0.79458 serving as the next key downside target. A move below both moving averages would tilt the short-term bias back to the downside (more bearish). The price has been trading above and below those MAs his week (with more time above them). Move below and the low from yesterday (and July 4 too) at 0.7919 would be targeted.

PS. It also needs to get above the 0.8000 level and the 38.2% retracement at 0.8002 to show the buyers mean business. Absent that, and they are not winning.

This article was written by Greg Michalowski at www.forexlive.com.

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