USDCHF tried to move above the 100/200 hour MA but failed

Technical Analysis

Author: Greg Michalowski | usdchf

100/200 hour MAs at 0.9251 and 0.92645 respectively

The USDCHF moved higher from the "get go" in the Asian session, and in the process moved above the 100 hour MA (blue line) and 200 hour MA (green line) at 0.9251 and 0.92645 (currently) respectively. The run above the 200 hour moving average should've solicited more buying, but instead found sellers.  

100/200 hour MAs at 0.9251 and 0.92645 respectively
The failure turned buyers and the sellers, and the price declined back below the 100 hour moving average, increasing the selling momentum in the process.  

The US session low bottomed at 0.92263. That low stalled ahead of a swing area (see red numbered circles) between 0.9221 and 0.9224. The price has rebounded back toward the 100 hour moving average, but is finding sellers ahead of that level.

Going forward, it would take a move back above the 100 hour moving average and 200 hour moving average to increase the bullish bias. 

Conversely, if the price is able to fall below 0.9221 and another swing area between 0.9214 and 0.92168, that should increase the bearish bias with traders targeting the swing low from last week at 0.91937. Below that level, and the 100 day moving average at 0.91689 becomes the next major target for the sellers.

For today, buyers had their shot, and the sellers tried to take a shot below 0.9221, but both failed.  Watch the 100 hour moving average for resistance.  Stay below keeps the sellers in control in the short term.

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