Erases the the declines from yesterday
The USDCHF is testing/breaking the 200 hour moving average at 0.92854. Recall from yesterday, the price tested that moving average and found sellers ahead of the FOMC decision. After the Fed decision, the price fell sharply and you traded to the lowest level cents March 4 breaking below the swing lows from last weekend this week in the process.
After trying to stay below those swing lows in Asian trading, the price moved above and based against the level before moving higher in the European session. The pair is now breaking to new highs for the day, and back above the 200 hour MA.
The next major target comes in at the 0.93128 to 0.93244 area where there have been a number of swing lows and highs going back to March 5th.
Buyers are making a play. Can they keep the momentum going? A move back below the 200 hour MA and then 100 hour MA (blue line at 0.9269) would disappoint the buyers.
