USDCHF looks to test key support again....

Technical Analysis

Author: Greg Michalowski | usdchf

The 0.92127 to 0.9222 is a key swing area going back to mid-March

The USDCHF is looking to test a key support area again in the 0.92127 to 0.9222 area.  That area was a swing low back on March 17 and again on March 22. Yesterday, the lows bottomed at 0.9212 and 0.92114.

The 0.92127 to 0.9222 is a key swing area going back to mid-March
The low price just reached 0.92154.  Sellers are making a play.  It is the 3rd four-hour bar this week, there were other in March.  It is now OR we get the bounce back higher again.  There may be buyers against support but if the level is broken, there should be stops with the next targets at 0.9193 (high from March 2) and then the 50% of the move up from the Feb 16 low which cuts across at 0.91714. 

PS Looking at the hourly chart, helping the bearish bias is the pair's high today stalled at the 100 hour MA (blue line in the chart below).  That is bearish. It will take a move above that MA to tilt the bias back higher (in the intermediate term).  Sellers are making a play. Can they follow through on that run with a break below the support now?

USDCHF held the 100 hour MA

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