100 day MA at 1.09535
The EURCHF moved down with the USDCHF's tumble. For the EURCHF it reached just above it's 50% midpoint of the move down from the April 18 high to the May 11. That midpoint came in at 1.0999. The high price peeked above that level at 1.10017 but quickly reversed back down.
The subsequent fall took the price below the 100/200 hour MAs at 1.09633 and 1.09614, BUT has been able to stall just ahead of the 100 day MA at 109.536. The price is back up retesting the hourly moving averages.
The pairs MA will now help to define the bias. Move below the 100 day MA is more bearish. Move above the 100/200 hour MAs and the bias shifts more to the upside.
