The USDCHF dipped to a low of 0.9033 today and in the process got within 5-6 pips of the key 200 day MA. Support buyers leaned against the key MA level and bounced the pair higher.
The price has moved back above the 50% of the last move higher at 0.90694 to a high of 0.90822. That is short of the 100 bar MA on the 4-hour chart at 0.9102 (call it 0.9100).
So support at 0.9028 area. Resistance at 0.9100 area. In between is the 50% at 0.90694. Buy dips. Sell resistance. 50% a barometer in between.
This article was written by Greg Michalowski at www.forexlive.com. Source