100 day MA at 0.9592 is now resistance
The USDCHF is jumping on the USD selling bandwagon and has pushed below the 100-day MA (blue line in the chart below) at the 0.95913 level. If the price can remain below this level the sellers remain in control. The next support comes in at the 0.9531-53 area. This was support going back to November and December 2014. The low today comes in at at 0.9561.
The Factory Orders came in better than expected and it has pushed the price back up toward this MA level. Key test to see if there are buyers who can push it back above.
Looking at the 5 minute chart below, the 38.2% of the last leg lower comes in at 0.9589 and the 50% comes in at 0.9597. If the price can stay below this area (see yellow area in the chart below), the sellers will continue to control the day (could/should see another test of the lows).
A move above muddies the water a bit, but I would expect more two way flows as the time ticks toward the Good Friday/Easter Monday holiday weekend for European traders.
