February 1, 2023

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USDCHF is backup testing the dual 100/200 day MAs

1 min read

The 200 hour MA is at the same area as well

The 100 and 200 day moving averages are near converged above and below 0.9080. Also near that area is the falling 200 hour moving average (see green lines and the blue line at 0.9079 up to 0.90812.  A move above the cluster of moving averages will tilt the buyers more to the upside.

The 200 hour MA is at the same area as well

The pair initially moved higher after the CPI data only to rotate all the way back down to new London/New York session lows. That move did dipped below the 100 hour moving average at 0.90357 but momentum could not be sustained, and the move back to the upside ensued.  

Now with the key cluster of moving averages all converged, the market has a decision to make.

In other markets:

  • five year yield 0.851%, +5.1 basis points
  • 10 year yield 1.675%, +5.3 basis points
  • NASDAQ index is trading near session lows down -225 points or -1.69% at 13163.12
  • S&P index is just off it’s lows at 4110, down 42 points or -1.01%. The low reach 14107.15
  • Dow is trading down 255 points or -0.75% 34011.
  • Gold is not following a inflation/ safe haven story. It is trading down $11.50 or -0.63% $1826.70
  • Bitcoin it is given of the gains and trades down $-120 or -0.21% of $56,812.
  • Ethereum is still moving higher however. It is up $218 or 5.27% at $4361. The new all-time high was reached today $4380.64

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