Tests 200 day MA line again. Is the 6th time the charm?
In the NY afternoon session yesterday, the price of the USDCHF dipped below 100 day MA and ran lower. That move stalled at the 100 hour MA (see chart below). The price started to move back higher.
With the dollar moving higher in trading today, so has the USDCHF. That move to the upside, has the pair back testing its 100 day moving average at 0.97944 (where the pair currently trades). There was a break above that MA on Tuesday just before the ECB QE headlines. This is the second look at the key MA this week.
Although it should attract buyers on a break above, looking back to mid September, the price tried to move above the 200 day moving average on four separate occasions. However, each of those break failed. So their is a history of disappointment.
Nevertheless, the 6th break may be the charm. We must respect the technical level - should there be a break.
