USDCHF stays below the 200 day moving average

The USDCHF is stuck in a 29 pip trading range today. That is will below the 55 PIP average seen of the last 22 trading days (about a month of trading).

The pair is currently trading nearer the low for the day and is trying to stay below its 100 hour moving average at 0.91513.

At the highs both in the Asian and early US session (after stronger ADP jobs data), the pair tested its 200 day moving average at 0.91679. In the late New York session yesterday, the price also tested that moving average line. Each try, found willing sellers which has helped to keep the bears/sellers more in control. The price is also below the 100 hour moving average at 0.91619.

With the price action contained and modest, the pair can wander easily and extend the range in either direction. However the sellers do have the edge price below the 200 hour moving average and 200 day moving average tilting the bias in that direction. It would take a move back above each of those moving averages to reverse the short term bias.