Up and down after early plunge.
The USDCHF gapped lower and the opening today, and that fall took the price below a lower channel trend line. That idea did not last long as traders started to think in terms of "risk off" - not just follow the EURUSD. The pair quickly rebounded higher.
Technically, the rally off the low today, moved right up to the 100 hour MA (blue line in the chart above). Risk could be defined and limited. The price came back down.
The price has been waffling up and down since then. There is a double bottom at 0.9947 in the London/New York session . That is a support level going forward. The price has been moving above and below the 100 day MA at 0.99473. The up and down around the key MA suggests traders are trying to figure out what next.
We just re-tested the 100 hour MA and backed off for the 2nd time today. A move above that MA and then the topside channel trend line at 0.9978, is needed for the buyers to feel more comfortable. Key levels.
