The USDCHF moved higher yesterday, moving away from its 100 hour moving average and also breaking above a swing area between 0.9848 and 0.9873.
However, the high price could not extend up toward the double tops reached last week near the 0.99647 level. The high price yesterday reached 0.9950 before rotating modestly lower into the close.
In trading today, after a brief Asian session rally took the price up to 0.9941 – but below the high price from yesterday –, the price started a rotation back to the downside.
That move has now seen the price move down to a US session low at 0.9852. The got within 6 or so pips of its rising 200 hour moving average at 0.98457. It's 100 hour moving averages below that level at 0.98353. Moving below those levels would be needed to increase the bearish bias.
The USDCHF has seen a number of swing moves. That tends to trend. Looking at the daily chart, the ups and downs are more evident. There is a swing area on the daily chart between 0.9859 and 0.99055. The low price today extended outside of that range to 0.9852, but the hourly moving averages along with the swing area has given traders some cause for pause. Nevertheless getting below the level would be a more negative tilt for the pair.
