100 hour moving average at 0.94978. The 200 hour moving average at 0.9486
The USDCHF as traded to a new intraday low. That low came in at 0.9487 which was just above the current 200 hour moving average at 0.9486. On the move to the downside the price cracked below its 100 hour moving average at 0.94978. Stay below that level (call it 0.9500) and the bears have the advantage/bias for the pair. Move above and a topside trend line comes in at 0.9517 currently and moving lower (see top trend line and blue numbered circles).
Although getting below the 200 hour moving average would increase the bearish bias, there is additional support against a swing area at 0.94786 to 0.94817. That would be another hurdle to get to and through for more downside potential.
The high for the week was reached on Monday at 0.9546. The low for the week was on Tuesday at 0.94626.. That low test the 50% of the move up from last week's low to the Friday high at 0.94639. Overall for the week, the pair has seen a lot of up and down price action. Trading between the moving averages seems apropos for the weeks price action. However, at some point the price will break and run from the current consolidation area.
