The USDCHF is waffling back and forth and in the process, the support and resistance moving averages are converging.
Looking at the hourly chart above, the pair on Friday successfully tested the 100 day MA currently at 0.96032. In the first hour of trading today, buyer leaned as well and pushed the price away from that MA level.
On the topside, the falling 100 hour MA is catching up to the price as the market consolidates. The 100 hour MA currently comes in at 0.96756.
The current price is trading between those two MA levels that may define the next move in the pair, but as time goes by, and the 100 hour MA falls, the traders will need to make up their minds whether the 100 hour MA is taken out above, or the 100 day MA is taken out below.
The most recent bias is more to the downside. The 100 hour MA did hold resistance on Thursday. The buyers had their shot and they were turned away. However, there is more work to do if the sellers are to take more control.
PS The 0.96178 to 0.9640 is home to a number of swing levels (see red numbered circles. The low of that level held in the London morning session which muddies the bullish or bearish waters that much more.
