100 day MA, 200 day MA, 50% retracement

The USDCHF has moved higher over the last 4 trading days after bottoming and bouncing on May 12th at at low of 0.9662. The pair traded at a high today of 0.9842. It is currently trading at 0.9824 as the market awaits the FOMC meeting minutes.

The move higher has run into a cluster of key technical levels which has helped slow the rise. The 200 day MA comes in at 0.9829. The 100 day MA comes in at 0.9835 and the 50% retracement of the move down from the 2016 high comes in at 0.9849. Earlier, the price broke above trend line resistance at the 0.9816 level.

With all the stuff ahead, and the FOMC minutes ahead, the price has backed off a bit as longs may have lightened up. It just makes sense.

After the details of the minutes are known, traders may look to use the area to define/limit risk. Less hawkish and the area should find sellers against stops above. If the minutes are more hawkish, a move back above the MAs should have traders using the area as risk defining support instead.