Trades back below the 100 day MA now .
The USDCHF spiked above both the 100 day moving average at 0.97597, and the 200 day moving average at 0.98159. The high price for the day reached 0.98228 - about 7 pips above that key 200 day moving average. The move above the 200 hour moving average of the 1st look above the level since December 2, 2019. After the 9 day move up from 0.91747, traders seem to look at the level as a take profit opportunity with limited risk.
The prices as since moved back down below the 100 day moving average at 0.97597, but the price action has seen trading above and below that moving average line over the last few hours of trading. The low corrective level came in at 0.97228. The high at 0.9769. Traders will eyeing the price action around that MA level for clues. If the price can move below and get and stay below the 0.97228 recent low, look for a rotation back down toward the lower trend line at around 0.96737 level (see green numbered circles).
