Friday high stalled at a key target and rotated back down as ups and downs continue
The USDCHF moved back below the 100 and 200 hour MAs at 0.92673 and 0.92744 respectively. That turned the bias more to the downside (again). The pair has been clearly trading above and below those MAs of late as traders consolidate the pair after a sharp run higher.
Looking at the chart, the high from Friday reached 0.9319 which was near the low of a swing area between 0.93185 and 0.93244 (see yellow area and red numbered circles). Seller leaned.
The low from last week comes in at 0.92127. That is the next key target if the sellers are to push the pair lower.
Putting things into perspective… with 0.92127 as the low over the last 9 trading days and 0.93244 the high over the same 9 day period, that 112 pips is not a lot. The market is non-trending. Non trending transitions to trending at some point. Traders need to be aware of non-trending markets.