The USDCHF moved higher yesterday, and in the process tested a swing area between 0.9265 and 0.92723. The high of that area was reached and sellers leaned. The price rotated down into the close.
In trading today, the price action has been down, up, and back down again. The most recent move lower has taken the price down to retest its 100/200 hour moving averages. The 100 hour moving average (blue line in the chart above) is currently at 0.9223. The 200 hour moving average (green line) is at 0.92205. The low just reached 0.9221.
The dual moving averages will be a barometer for the buyers and sellers going forward. Stay above and we could see a rotation back toward the 38.2% retracement at 0.92398 as the next target. Buyers would be more in control.
Conversely, on a break below the MS, and confirmation below 0.92175 (the high price from last Friday) traders will start to look toward the 100 day moving average at 0.91994 (call it 0.9200)