The USDCHF moved from a key swing area at 0.86058 in the early Asian session. That was a floor but back to January 17 before breaking to downside yesterday ahead of the FOMC rate decision. The subsequent move to the upside after Fed Chair Powell put the kibosh on a March rate cut, sent the price back above a key swing level at 0.86058. In the early Asian session, that level held support and pushed higher.
On the topside, the 200-hour MA (currently at 0.86468) stalled the rally and the price has decreased. However, it remains above the key swing level at 0.85058.
In the future, it would take a move below the 0.86058 level to increase the bearish bias. On the topside, moving above the 100-hour MA at 0.86248 (and staying above) would give buyers some hope for another test of the falling 200 hour MA at 0.86468.
This article was written by Greg Michalowski at www.forexlive.com. Source