USDCHF trading higher on the day with the bias tilting back to the upside.

<p>The USDCHF has been trading in a fairly narrow trading range over the last 8-9 trading days. The low has come in just above the 0.8900 level at 0.8901. The high price reached 0.90129. So 112 pips have confined the pair.</p><p>Sitting between those extremes is the near-converged 100 and 200-hour moving averages currently at 0.8955. In trading today, the price moved back above those moving averages tilting the short-term bias back to the upside once again. </p><p>Admittedly the price has been trading above and below those moving averages over the last 4 trading days. That is what happens in a non-trending market looking for a directional move. Nevertheless, being above it is more bullish.</p><p>On the topside, traders will be watching the 38.2% retracement of the move down from the May 31 high. That level comes in a 0.8995. Above that is the swing high over the last 8/9 trading days at 0.90129.</p><p>Should the 100/200 hour moving averages be broken once again, the bias tilts back to the downside once again and lower swing lows seen over the last few days become the targets.</p>

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