100 day MA at 0.91865
The USDCHF is higher on the day, but is seeing some backtracking to the downside in early NY trading.
The high for the day pushed to, and then through, the key 100 day MA at 0.91865. However, the price could only make it to 0.9189 before reversing back to the downside. The price has been able to move back below the high price from yesterday at 0.91747, but the pair is currently trying to extend back above that level as I type. Buyers are trying to stay in control with the key 100 day MA the important target above to get above if the buyers are to continue the dominance.
What may be holding up the downside?
Drilling to the 5 minute chart below, the pairs move to the downside did stall just above the 50% retracement of the run higher in the Asian and London morning session at 0.91637 (the low reached 0.91645). The pair also tested the rising 100 bar MA (blue line on the chart below). Buyers seemed to lean against the technical levels and that is helping the rebound now. A move below each would be more bearish intraday.
The USDCHF has good resistance above off the daily 100 day MA, but has intraday traders leaning against some technical support levels too. So a battle is on after the run higher today.
