The USDCHF rose earlier in the session, but cannot extend above the high of a swing area between 0.8805 and 0.88273. The high price today reached between that area at 0.88163 before rotating back to the downside.
The weaker US PMI data sent a price to new session lows, and looking at the 4-hour chart below, the price approached its rising 100 bar moving average at 0.8771. The low price reached 0.8774 where the (and stay below) risk of focus buyers leaned against the moving average level and has pushed the price marginally higher to 0.8788 currently.
Going forward it would take a move below the 100-bar moving average to increase the bearish bias. Earlier this week, the moving average held and going back to the week of August 7, although the moving average was broken, it was quickly reversed.
This article was written by Greg Michalowski at www.forexlive.com. Source