100 hour MA at 0.9131. 200 hour MA at 0.9142
The USDCHF is trading to a new session high and in the process is approaching the 100 hour moving average at 0.91312. On Tuesday, the price move below that moving average level. Yesterday, the price stayed below that level and push lower. That move lower did take out the low from last week at 0.9056, but could only reached 0.90495 before rotating back higher.
Today's price action has seen more up and down choppy trading action.The current bar has seen the price break to the upside and moved close to that 100 hour moving average. Also on the topside is its 200 hour moving average at 0.9142, and a swing area at 0.9150 – 55. All those levels will need to be broken to give the buyers more confidence that a bottom is in place.
The good news for the buyers is that the failed break to new lows yesterday failed. The not so good news for the buyers is that the remains key target resistance ahead including the 100 and 200 hour moving averages. Those moving averages will be important for both the bulls and bears. They should represent a barometer for the next move. Get above will be more bullish. Stay below would be more bearish.
