Ceiling at 0.9887-0.9899. 100 day and 100 hour MA below
The USDCHF is trying to push below the 200 day MA at 0.98152 currently. Now that is nothing new over the last 3 days of trading. In fact, the price has traded above and below that MA level over the last 3 days. When a key MA like the 200 day MA does not cause a run away from the level, the "market" is saying "I am unsure. I need a bigger shove. For now, I am happy to trade above and below the key MA level.".
On the topside, the moves above the 200 day MA have stalled in the 0.98876 to 0.98994 (call it 0.9900) area. The last two days has seen 4 or so tests and each found sellers (see red numbered circles). That area needs to be broken IF the price is to continue the run higher.
On the downside, the 100 day MA and 100 hour MA at 0.97596 and 0.97466 respectively (see lower yellow area) are support (the low from Friday was at 0.9743). Should the price move below that area, the sellers would have taken more control from the buyers.... technically.
In between sits that 200 day MA (at 0.98152) and a swing area at 0.97922-958. The low from Friday came in at 0.97922. The low today came in at 0.97958. We currently trade at 0.9802.
The shove is still awaited, but the price is trying to stay below the 200 day moving average ......
