If flight out of safety of CHF, the 100 hour MA is a lean area
The USDCHF has moved lower in trading today despite the rise in stocks. Higher stocks in the US have also more lately led to a lower dollar overall.
If you see a flow out of the CHF (out of the safety of that currency), the pair did test a key support at the 50% retracement of the move up from last week's low to the Friday high, and 100 hour MA at 0.94639 and 0.94648 respectively. That is a risk defining level for the pair. The pair is also just moving back above the 38.2% of the same move up at 0.94849. Bullish.
Yesterday, a downward sloping trend line stalled the rally for the day. On a move above the high for the day at 0.94976 would next look toward that trend line. The trend line currently comes in right around the falling 200 hour MA at 0.95177.
