The USDCHF stalls the rally near the 38.2% retracement and moves toward key MA support

<p>The USDCHF moves higher to a new high in the late London morning session. The high price moved up to test the 38.2% of the move down from the June 30 high, and an old rising trend line. Those levels were both broken on Friday, but failed. The buyers had their shot. They missed. </p><p>Today, those technical levels found willing sellers (sellers leaned), and the price of the USDCHF moved lower.</p><p>The move lower has seen the price approach the 100 and 200-hour MAs. The 100-hour MA is at 0.86586. The 200-hour MA is at 0.86507. Support buyers have leaned against those levels (they did it on Friday as well). The price has seen a modest bounce higher.</p><p>What next?</p><p>The support and resistance levels are defined. </p><ul><li>Move above the 38.2%/old trend line near 0.87297 and the buyers take more control. </li><li>Move below the 100 and 200-hour MAs at 0.86586 and 0.86507 and the sellers take more control. </li></ul><p>IN between and the buyers and sellers battle it out. </p>

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