The USDCHF moved higher after the US CPI data today and in the process has moved above its 200-day MA at 0.90216. That break tilted the bias more to the upside. It would now take a move back below that level to increase the bearish bias and disappoint the buyers.
Having said that, the move to the upside has so far stalled at the broken 38.2% retracement on the daily chart at 0.9053, and also the falling 100 hour MA at 0.9055. The high price has reached 0.9054 between those two levels (which is hard to do).
Getting above those levels – and staying above – is now needed to increase the bullish bias. Conversely, staying below and the pair waffles between the 100-hour MA above and the 200 day MA below.
See the price action unfold and explained in the video above.
This article was written by Greg Michalowski at www.forexlive.com. Source