Comes off highest level since SNB intervention. Back below 200 day MA.
The EURCHF is trading just above the 200 hour MA at 1.0811 after testing it over the last few hours of trading and finding support buyers.
If you recall from last week, the pair traded to the highest level since the SNB devaluation on January 15th. In the process, the price moved above the 200 day MA for the 1st time since January 2014 (yes a year earlier). That break should have solicited more buying, but it did not. On the move lower on Friday and again today, the price moved below the 200 day MA at the 1.0841.
Although the support at the 200 hour MA is holding, the 200 day MA will need to be broken above to solicit more buying momentum. Above that the 100 hour MA (blue line in the chart above) will also solicit some resistance from the bears.
Like the GBPUSD trade outline earlier today (CLICK HERE) the pair trades between the goal posts, but for this pair, the 200 day MA adds an added dimension to the mix. As a result, the sellers are more in control. The buyers have to prove that the move below the 200 day MA can be overcome.