The USDCHF is falling for the 2nd consecutive day and in the process has moved below its 100 bar moving out on the 4-hour chart at 0.87923, but stalled the fall ahead of the 200 bar moving average at 0.873336. The low price also tested the low from 2 weeks ago at 0.87435 and found willing sellers against that level. The swing era between 0.8728 and 0.87435 was also tested before rebounding back to the upside.
The price currently trades at 0.8786 which is closer to the 100 bar moving average (and 0.87923). However, it will still take a move above that MA level to tilt the bias back in favor of the buyers.
This article was written by Greg Michalowski at www.forexlive.com. Source