No hourly closing bars below the 200 hour MA
The USDCHF has an up and down day today. Yesterday (and earlier today), the pair tried like heck, to get a close hourly bar below the 200 hour moving average (green line in the chart below), but failed on each peek below the line. The move higher in the European session found sellers near the highs from yesterday's trade.
The move back down over the last few hours has taken the price back below 1st the 100 hour moving average (blue line in the chart below) and then trend line support (or old trend line support). The move lower stalled right at the 200 hour moving average (green line in chart below). The 38.2% retracement at 0.9724 was also a catalyst for support buyers as risk could be defined and risk be limited. So no closes below the 200 hour moving average and the level remains a key level to break and stay below. The old broken line at 0.9750 will be eyed above as resistance.
