Sellers lean against the high from Friday as well
Like the GBPUSD and the EURUSD, the USDCHF is also finding some technical resistance against its 100 hour moving average. That moving average currently comes in at the 0.98855 level. The last 6 hourly bars have traded around that moving average (it is moving lower), with no closes above the level. The high for the day also tested the high price from Friday straight at 0.98909. The high price today reaced up to that level and backed off.
Below sits the pairs 100 day moving average at 0.98714. The pair traded above and below that moving average on Thursday and Friday of last week. Yesterday, there was a weak effort to trade back above, but that run was rejected.
Today, the price broke cleanly above that moving average level and raced to the next target against the 100 hour moving average. So the 100 day MA at 0.98714 will be high by traders on a test today. Holding the level keeps the battle between the moving averages going. A move below, would tilt the technical bias more to the downside once again.
