The USDCHF has rebounded after failing on a break below its 100-day moving average/50% retracement and swing area near the 0.89000 level. The low price reached 0.8975, but quickly snapped back higher. The sellers turned to buyers and have now forced the price back toward the 100-hour moving average of 0.89401. That moving average is between a swing area between 0.89316 and 0.89472.
If the buyers are to take more control today, getting above 0.89472 should open the door for further momentum toward the following 200-hour moving average at 0.8982. Above that is the 200-day moving average 0.9010. Those are the progressions if the buyers are to take more control. Conversely, hold this swing area and 100-hour moving average and I would expect the 100-day moving average below to be under pressure again at the 0.8900 level.
This article was written by Greg Michalowski at www.forexlive.com. Source