Pair trades quietly between hourly MAs
The USDCHF has moved higher today but is finding comfort between the 100 and 200 hour MAs . The 100 hour moving average is at 0.92727. The 200 hour moving averages is at 0.92919. The high for the day took a brief look above that 200 hour moving average, only to think again and the price rotated lower.
Leading into the FOMC decision later today, the pair is in a "comfort zone" between the MA levels. Break either above the 200 hour MA at 0.92919, tilts the bias more to the upside. A move below the 100 hour MA at 0.92731 tilts the bias to the downside.
On a move lower, the low for the week was reached in the early Asian session near the 38.2% retracement of the move up from the February 26 swing low. That level comes in at 0.92416. The low from last week's trading reached 0.92342 - 7 pips below that level. The pair has been above those levels since March 4. Break below, and there should be a run toward the 0.9189 to 0.9200 area where the 50% is found and also swing levels from March 2 to March 4.
On the move higher, the 0.93185 to 0.93244 will be the next key target (see yellow area and red numbered circles). Get above that area, and trading will focus on the cycle highs from March 0 at 0.93747.
