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USDCHF trades in a narrow trading range and awaits the next shove. Buyers making a play.

The USDCHF trade in a narrow range to start the North American session (only about 24 pips which is less than half of what is normal) however the price is back above its 200 hour moving out at 0.89641. If the price can stay above that level and then extend above the 38.2% retracement of the move down from the May 22 high at 0.8986, the buyers can probe higher.

Conversely, a move back below the 200-hour moving out would be an invitation for the sellers to jump back on (and for the buyers to get disappointed).

This article was written by Greg Michalowski at www.forexlive.com.

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