Pair approaches 100 day MA
The USDCHF is trading to a new low for the day and in the process trades at the lowest level since September 15 when the price traded at 0.91496. The low price just reached 0.91519 just above that level.
Technically, the move lower today saw the price move back below its 100 day moving average at 0.91768. In the early North American session, that moving average was retested and found sellers. Bearish.
The price has since moved lower and on a break of the September 10 low would have traders looking toward its rising 200 day moving average at 0.91397.
The price last traded below its 200 day moving average back on August 6. A move below that level would increase the bearish bias technically.
For the week, the high price was reached on Monday. That high saw the price move above its 200 hour moving average (upper green line in the hourly chart above), but the break failed and the price moved sharply lower. On Wednesday there was a sharp rebound back to the upside, but this time sellers leaned against its 200 hour moving average and the price has been moving lower ever since that successful test.
With the price below both the 200 hour moving average, the 100 hour moving average and now the 100 day moving average, sellers are beginning to add on to their bias control.
