The Swiss CPI data came out stronger than expected 0.6% versus 0.5% expected. Despite that, the USDCHF after an initial dip, reversed back to the upside and has traded two new session highs in the early US session (lower CHF).
In doing so, the price extended back above its 200-day moving average at 0.88354 tilting the technical bias more to the upside. That moving average will now be the close barometer for buyers and sellers. Staying above is more bullish. Moving back below shifts the bias back to the downside (bearish).
This article was written by Greg Michalowski at www.forexlive.com. Source