The USDCHF is back down re-testing the 100 day MA.
Earlier today, the price tested that move below the moving average line. The price has moved below that moving average line a number of times since December 8, but each break has been relatively short-lived. The one earlier today was quickly reversed.
However, the price rise off of the low today, found sellers against its 100 hour moving average at 0.9230. The 200 hour moving average is not far from that level at 0.9233. The high price off the low reached 0.92279 - a few pips below the moving average level.
The sellers have now pushed the price back down to retest the 100 day moving average. A break below will once again test the sellers conviction. Can they take the price below and keep the price below (at least for more than a few hours).
Conversely, the level may also attract dip buyers who have seen this storyline play out enough times since December 8. Stay above and get back above the 0.9220 level (a high swing level), would give the dip buyers some comfort and have traders then looking toward a retest of the 100 and 200 hour moving averages.
Needless to say, the price action in the USDCHF has seen a lot of ups and downs with most of the trading taking place between 0.9186 and 0.9274 since December 6. Although the price spiked above the high of that area after the FOMC decision yesterday, sellers quickly push the price back down and the buyers turned to sellers once again (and pushed the price back onto the range).
