Trendline at 0.98139
The USDCHF is up testing a topside trendline at 0.98139. The high price moved up to 0.9816 and backed off modestly. Below is the 100 hour moving average at 0.98066. Traders
may not look to that line as a barometer for bulls and bears. Stay above and the bulls remain in control. Move below and the bullish move wobbles a bit.
Earlier today the price was able to extend above the 0.97948 level. That was an old floor coming into yesterday's trade (see red numbered circles). The break below that level yesterday sent the price stumbling down to the low at 0.9770. The move back above that level today had the opposite effect. The price has stayed above that level. It too will remain a barometer for the bulls and bears.
On the topside if the trendline can be broken another key level remains above at the 200 hour moving average currently at 0.98240. The price has not traded above the 200 hour moving average since December 2. That's a pretty long time. As a result there should be some resistance on the test with stops on a break above.
