Run higher stalled at 50% retracement.
The USDCHF - like the EURUSD - saw volatile up and down price action today.
For this pair, the price initially fell with the price stalling near the 100 hour MA (blue line in the chart above). The subsequent European morning run higher was able to squeeze above the 200 hour MA (green line) but stalled at the 50% retracement target at 0.90972. Holding below that level, and falling back below the 200 hour MA sent the pair back down.
The lap back down to the lows saw the pair move right down to the Asian low at 0.90612 (the low reached 0.90614). That low was also near a low from October 22 and again yesterday (see red numbered circles). The 0.9061 level is becoming a pretty solid floor (along with the 100 hour MA). Stay above, and the buyers feel ok. We should see a rotation higher. Move below, and I would think buyers would give up (should see stops and new selling).
Key level being tested. Can the level hold support or will the sellers push through?
