The USDCHF is will tire in the European session, but found willing sellers against it falling 100-hour moving average at 0.86386. Earlier, support was found against a key floor level at 0.8605. That level was defined by a series of lows going back to January 17, January 24, and yesterday as well. The rising 100-bar moving average on the 4- hour chart is also a pip or two from that key floor level.
So the battle is on between support and resistance. At some point, the price will break outside of the fairly narrow range of about 35 pips and when done, should find momentum in the direction of the break.
This article was written by Greg Michalowski at www.forexlive.com. Source