The USDCHF moved higher earlier and tested 38.2% and 200 hour MA (green line). The level held resistance and is now back down testing the 100 hour MA level (blue line). Like the GBPUSD, it is decision time for this pair too. The 100 hour moving average comes in at 0.9130 currently.
With the dollars retreat versus all major pairs over the last hour or so of trading (often from key technical levels), it is putting the market on alert. The EURUSD has already pushed above what should have slowed the correction at the 100 day MA at the 1.3087 level. The GBPUSD and USDCHF are holding against their key technical levels. The “energy” technical levels being tested could lead to another move before the day is up for the dollar. The question is will the traders chose up or down for the greenback.