USDCHF trading up and down in a narrow range

The USDCHF is mired in a narrow 51 pip trading range today. The average of the last 22 days of trading (around a month) is 79 pips. There is room to roam on a “shove” through one of the extremes. .

Technically, the low price today held near a swing low price from yesterday afternoon at 0.9496. At the highs, the pair has stalled both yesterday and today within a swing area between 0.9537 and 0.95493. That swing area would need to be broken along with the 38.2% retracement of the move down from the July 14 high at 0.95681 to give the buyers more control from a technical perspective.

The short-term bias is tilted little more to the upside on the move back above both the 100 and 200 hour moving averages over the last few days. Those 2 moving averages are near converged at 0.94801. If there are a break below the 0.9496 level, getting below those moving averages would be needed to tilt the bias back to the downside and have traders looking toward the 100 day moving average at 0.9437.

For now however, the buyers are making the short-term play with work to do including getting above the swing area and 38.2% retracement.