The USDCHF is trading between the 100 and 200 hour MAs at the 0.9040 and 0.9068 levels respectively. The move above the 100 hour MA is a bullish sign (double bottom too) but the counter trend traders still need to be appeased by a move above the upper MA level. On a break, the high from Friday is not far behind at the 0.9091 level, but this level should not be a problem. The 0.91277 level is the 38.2% of the move down from the March 15th high. The high from last week at 0.9135 is another target.
A move back below the 100 hour MA should disappoint the dip buyers and would be an indication that the downside is still preferred.