Price has not been below 100 hour MA since September 24
The USDCHF made a new high since August 20, taking out Friday's high in the process. The problem is that high reached 0.9955. The high on Friday was a pip below at 0.9954. That ain't much of a break. The price rotated lower.
We are now down testing the rising 100 hour MA (blue line in the chart above) at 0.99213 and the underside of a broken trend line.
The test is key and could swing the bias back to the downside on a break. The price has not close below the 100 day MA since September 24th. This is the first test since September 26th. Key bias point for the market. Stay above and bulls are still in control with the double top the hurdle to get above. Move below and the double top, break of the 100 hour MA and break of the underside of the broken trend line, hurts the bullish bias and tilts it more to the bearish side.
Key point for the pair.
