USDCHF tests 200 hour MA and finds sellers on the test. What next?

The USD is moving higher in the US trading today and helping to drag the USDCHF higher as well.

In the early European session the price traded above its 100-hour moving average, and then waffled around that level before basing against it and starting a rotation higher. That momentum to the upside was increased over the last hour or so of trading. The run higher moved up to retest the 200-hour moving average at 0.90008. Sellers leaned against that level like they did last Thursday and Wednesday as well. The price has rotated back down toward 0.8989. Going forward it would take a move above the 200-hour moving average to increase a bullish bias. Be aware.

What next?

With the price trading below the 100 and 200-hour moving averages, buyers and sellers are battling it out. There is interim support near 0.8969 – 0.89769. Watch that level for close support ahead of the lower 100-hour moving average of 0.89597. If it holds, a run back toward the 200-hour moving average, cannot be ruled out.

This article was written by Greg Michalowski at Source