USDCHF hovers between 0.8290 and 0.8348 with moving averages in focus

Over the past six trading days, USDCHF has bounced between support and resistance, contained within a range from 0.8290 to 0.8348. That 58-pip band has seen neither buyers nor sellers achieve a lasting breakout.

Yesterday, both ends of the range were tested. Support held around 0.8291, while resistance near 0.8348 halted the advance into the close.

In Friday's Asia-Pacific session, sellers pressed against that topside resistance and drove the pair toward two near-term support levels:

• The 100-hour moving average stands at 0.8322.

• The 200-hour moving average is at 0.83156.

The low touched 0.8313, dipping briefly beneath both averages before recovering. Sellers got a chance below those levels, but could not sustain the move.

This puts the moving averages at the center of attention for gauging short-term momentum. Holding above both gives buyers a path back to the 0.8348 ceiling. A sustained drop below them hands control to sellers, likely setting up another test of support near 0.8290.

The broader 0.8290-0.8348 range remains unchanged. The moving averages help traders determine which side holds an edge, but a definitive break of either boundary is required to end the current back-and-forth trading.