Trades back between 100/200 hour MA
The USDCHF went through some volatile fails in the New York morning session. First the price ticked above its 100 hour moving average, but failed. Then, the price fell below a swing area defined by lows from last week and earlier this week. That area came between 0.8953 and 0.89599. That break failed as well.
Since then, the price has been able to climb back above the 100 hour moving average and test the 200 hour moving average above at 0.89874 (green line). The price stall just before that level and as rotated back to the middle of the two moving averages. The lower moving average is currently at 0.89664.
Traders will be looking for the next break (higher or lower). The trend has been lower, with the low reached yesterday being the lowest low since February 17th. The most recent high reached 0.9472 on April 1. Since then, 15 days have seen gains while 24 days have seen declines. Today is one of those up days..
