USDCHF moves below the 100 hour MA but stalling near the 200 hour MA/50% retracement
The USDCHF moved below the 100 hour MA earlier today, next targeting the 200 hour MA at 0.91758 (green line in the chart below). That 200 hour MA has been tested over the last trading hours, with buyers/profit takers leaning against the level.
Increasing the levels importance from a technical perspective is the 50% retracement of the move up from last week's low to the high this week on the hourly chart. That level comes in at 0.91742.
The current price is trading at 0.9180. The high price since the first test has only reached 0.9187. So price action has quieted down.
Between the two moving averages is a neutral area. Below the 100 hour MA is a bearish tilt, but the holding of the 200 hour MA and 50% is a neutralizing influence. It will take a break above the 100 hour MA or below the 200 hour MA, to tilt the bias more in the direction of the break.
