200 day MA at 0.91491
The USDCHF moved higher on Friday along with the dollar buying and in the process extended back above its 200 day moving average at 0.9149. That moving average was broken to the downside during Thursday's trade.
The rise on Friday reached up toward its 100 hour moving average (blue line) before rotating back down toward its 200 day moving average at the close. New that level was also the 38.2% retracement of the weeks trading range along with the swing lows from October 22 and October 25.
In trading today, the move to the upside was restarted, with the pair retesting its falling 100 hour moving average, and trendline. Although the price was able to briefly extend above the 100 hour moving average, momentum faded and the price rotated back to the downside.
Initially, the 38.2% retracement/200 day moving average did hold at 0.9149. However the last few hours have seen a rotation back to the downside and a move away from those levels. In the process the bearish bias has increased. The low has reached 0.9126 .
Looking at the daily chart below, the low from Friday's trade did find support buyers near the low from August 17 and August 30 near the 0.9100 level. The low price reached 0.91007 before bouncing higher. The 50% midpoint of the range for 2021 is just above that level at 0.91144.
On further weakness that area (between 0.9100 and 0.91144) would be a key target area to get to and through. PS the 0.9114 level held support on Thursday. Get below (and stay below) and the bearish bias increases.
