USDCHF snaps back higher to retest the key high swing area

The ups and downs continue. Traders looking for a break out of the Non-trend range.

The USDCHF has now been trading within a 112 pip trading range for 10+ days.  Yesterday, the pair moved down to test the low swing area between 0.92127 and 0.92209.  Support buyers leaned against the low, and started to push the price back higher in trading today.

The ups and downs continue. Traders looking for a break out of the Non-trend range._

When the 100/200 hour moving averages (blue and green lines) what rebroken near 0.9270 area, the bias tilted even more to the upside. The price has now reached a a new intraday high of 0.9315. That is just short of the swing high area between 0.93185 and 0.93244.

With the price non-trending and moving up and down, traders look to anticipated break and run. One problem today is the price has already run a pretty decent amount. The range is 94 pips. The average is 76 pips over the last 22 trading days.  As a result, there should the sellers against the resistance area.

However, if the level is broken look for sellers to turn to buyers. Although the ranges high, the price is trending. Trends can go further than most people expect.

On a break higher, the price will enter the extreme area from March 8 and March 9. The high price extended up to 0.93747 before moving back to the downside. After falling back below the swing area, the resistance was reestablished.

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