Can the traders push outside the up and down range?
The USDCHF traded to a new session high over the last hour or so, and in the process, the price moved above the 0.91846 to 0.91915 area – albeit briefly. The high price reached 0.91924 but has backed off.
If the price can get and stay above that swing area, the highs from August 27 and August 19 at 0.9199 and 0.92057 would be targeted.
Taking a broader look over the last few weeks, the price action over the last 17 trading days (see red box), the price has a low at 0.9099 and a high at 0.92057. That is only about 106 pips. That is not a lot and buyers and sellers have certainly battled.
The up and down nature of that range of trading is indicative of a market that is unsure of the next move/break. There is no definitive winner, just pockets of buying strength and pockets of selling strength.
Having said that, the buyers have made the most recent break with the move above and through the 100/200 hour MAs (blue and green lines) and also the highs from September 2 and September 6th (see red numbered circles) at 0.91669. That swing level is now close risk/bias for the buyers. If the price can stay above, the buyers remain more in control. Move below, and then below the 100/200 hour moving averages and the pendulum swings to the downside once again.