The USDCHF moved higher in early Asian trading and peaked near the start of the European session within a swing area between 0.92495 and 0.92557 (see red numbered circles). Not only has there been a number of swing levels between that area going back to middle of November, but more recently the area has stalled rallies (on Thursday, Monday, Tuesday and again today).
The inability to move above that ceiling area, gave the sellers the go-ahead to push lower. This time they have been able to move below the 200 hour moving average at 0.92259 and the 100 hour moving average at 0.9720.
The low for the day did briefly crack below the 100 day moving average at 0.92111, but the price is back comfortably between that cluster of moving averages at 0.9221 currently. Trading between levels gives the buyers and sellers equal control. It would take a move back above the 200 hour moving average and stay above, to increase the bullish bias. Conversely a move back below the 100 day moving average should see more downside probing.
