The USDCHF has moved lower today, and after first holding support against its 100-day moving average (at 0.89308, and bouncing, broke below that level in the late London morning session/early US session. However, the 200-day moving average at 0.88930 did stall the fall, and the price has since bounced back higher – but remained below the 100-day moving average.
So buyers and sellers are battling it out between the key daily moving averages with the 100 day moving average at 0.89308 as resistance, and the 200-day moving average at 0.8893 as support.
Although the sellers still have the control, traders will still be looking for the next shove above or below those keep moving average levels to give the next short-term trading clues.
This article was written by Greg Michalowski at www.forexlive.com. Source