The USDCHF broke lower on Friday and moved below key 200 day and 100 bar MA on 4H chart.

The USDCHF fell sharply on Friday after the US jobs report, and in the process broke below key moving averages including the it’s 200-day moving average at 0.9002, and it’s 100-bar moving average on the 4-hour chart (currently at 0.8997).

The momentum to the downside continued today with the price moving down to a low of 0.89528. That got within 5 or so pips of the high of a swing area between 0.89316 and 0.89472 (see red number circles on the chart below). Getting below that area would increase the bearish bias, and have traders looking toward the 100-day moving average at 0.88988.

Conversely, as long as the 2 moving averages (200-day MA and 100 bar MA on the 4-hour chart) above can hold resistance, the sellers would maintain control at least in the short and medium-term for the USDCHF.

This article was written by Greg Michalowski at Source