The USDCHF is lower on the day and testing a swing area going back to April and June 2024 between 0.9086 and 0.90978. If the sellers are to keep pushing, getting and staying below the high of that swing area (up to 0.9100 level) is required.
On the downside, the rising 100-hour moving average comes in at 0.9058. If the sellers are to take more control today and going forward, they need to get and stay below that moving average (blue line on the chart below).
The price last moved below that moving average on December 20 on its way toward a test of its 200-hour moving average (green line on the chart below). However, on the very next day (December 23). The price moved back above the 100-hour MA starting the next trend like move higher. The high price yesterday extended to 0.91366.
If the price does rebound back above the 0.9100 level, the high price of yesterday’s trade 0.91366 would be the next major target.
Conversely, staying below, would have traders looking toward the rising 100-hour MA.
This article was written by Greg Michalowski at www.forexlive.com. Source