USDCHF up on the day but capped by the 100 day MA (so far).
For the USDCHF, the pair moved to the 200 day MA at 0.9956 yesterday, stalled on the first look, then cracked below the level in the NY afternoon session on the overall USD selling.
Today, the price made a new low at 0.9902 (see daily chart below). That was above the 50% midpoint of the move up from the September 2018 low at 0.9881 and also the higher March 2019 low at 0.9894.
After bottoming, the price rally moved right up to retest the 200 day MA at 0.99566. The high reached 0.99556 - a pip below the 200 day MA (see hourly chart above).
So traders are using that MA as a risk defining level. Stay below is more bearish. Move above and we should expect more upside momentum.
Of added interest on the daily chart, is that the 200 day MA and the underside of a broken trend line, comes in roughly at the same level today (see daily below). That increases the levels importance on a test (or break back above). Be aware..
We know the key level above. What level below would tilt the bias lower intraday?
Looking and drilling into the the 5 minute chart below, the 100 and 200 bar MA come in at 0.99299-340. Sans the Fed Powell headline volatiilty, the 200 bar MA stalled the fall on a couple tests in the last hour or so. The close from yesterday comes a little lower at 0.9924 area.
A move below the MAs (yellow area in the chart below), and then the close from yesterday would not be what the dip buyers want to see and would tilt the bias more to the downside.
