38.2% stalls rally on the first look.
The USDCHF is trading between the "goal posts" defined by the 100 and 200 hour MAs. The 100 hour MA was tested at the 0.9643 in the last hourly bar. The 200 hour MA was tested at 0.9687 also in the last hourly bar. At the high is also the 38.2% of the move down from the May 30 high (see chart below).
The market traders are in a battle now. Longs want to see a break of the topside levels. The shorts/bears are looking for that resistance to hold and for a move back toward the 100 hour MA. A break below, should solicit more selling.
