The USDCHF has moved above its 100 day MA after falling below it yesterday and going down to test and fail on break of the lower 200 day MA.
Today, the price has gradually risen and the stronger ISM services has been able to push the price above the 100 day MA at 0.89336. That MA is now close risk and the barometer in the short term. Staying above and the buyer and look forward to some more upside probing. The 100 hour MA and 38.2% of the recent move lower are targets.
Conversely, if the price was back below the 100 day moving average, look for disappointment on the failed brea and a resumption of the downward trend in the pair.
Buyers are making a play today, but they have work to do to increase the buyers confidence going forward.
This article was written by Greg Michalowski at www.forexlive.com. Source