USDCHF test 100 day and 100 hour MA and holds on the first test

Author: Greg Michalowski | Category: News







The USDCHF moved off the low in the Asian session and just took a look at key resistance against the 100 day MA at 0.9557 (blue line in the chart above) and 100 hour MA at 0.9561 (blue line in the hourly chart below).  The test held (so far at least) and the price has rotated modestly to the downside.  A move above this MA area would next have the 200 hour MA to get above at 0.95703 (green line in the hourly chart below). 







On the downside now, the move higher today has the 38.2% retracement and the Asian high at the 0.95415-43 as support.  If buyers are in control – and intent on moving higher – this area should attract buyers.  If the level is broken, the holding of the 100 hour/day resistance will take on more significance in the minds of traders,  and I would expect the downside to reassert itself.