The USDCHF has rebounded off a new month low earlier in the day. The price is moving back toward the falling 100 hour MA at 0.9603. The rise comes after traders successfully tested and held the low from June 28 at 0.94945. The low for the day reached the nice round number of 0.9500 before bouncing higher.
The price traded above the 100 hour MA on Wednesday and again yesterday, but could not sustain upside momentum. On Monday, the high price stalled against the moving average level.
On a move above the 100 hour MA there are other moving average targets to get to and through if the buyers are to take more control. The 1st is the 100 day MA at 0.96147. The price tested the 100 day moving average on Wednesday before moving below. During trading yesterday, the price move back above the 100 day moving average but reversed back to the downside. Getting and staying above the 100 day moving average would have traders looking toward the falling 200 hour moving average currently at 0.96409.
The cluster of MAs would all need to be broken if the buyers are to take back control from the sellers.
Overall, the holding of support near the low from June was a small positive for traders. Moving positive on the day was also a step in the right direction, but moving average resistance from the 100 hour moving average at 100 day moving average are still hurdles that would need to be broken to give the buyers more confidence.
