USDCHF tests 100 hour MA


USDCHF

USDCHF is testing its 38.2% retracement and 100 hour MA

The USDCHF is testing the 100 hour MA and the 38.2% of the move up from the December 31 low at 0.9182 area. The low price just reached 0.9183.

A move below the 100 hour moving average and the 38.2% retracement, would increase the bearish bias. The upward sloping trendline cuts across at 0.9176. Other key support comes in at 0.91667. That is home to the rising 200 hour moving average, the 200 day moving average, the 50% retracement, and the swing low from yesterday’s trade.

Hold support here and traders look back toward the 0.9192 followed by the swing area between 0.9198 and 0.92013. The 100 day moving average is up at 0.92108.

For the week, the price lows reached in the first hour of trading on the first day of the new trading year and 0.9105. The price high was reached today and 0.92319. There was a big correction on Tuesday, that took the price back below the 200 day moving average, the 200 hour moving average and the 100 hour moving average. On Wednesday, the 200 day moving average held resistance until the end of the day. On Thursday, the price started to base against the moving averages before moving higher.

The failure above the 100 day moving average at 0.92108 takes some of the bullishness out of the market. However if the support hold here, it would set up the pair for further gains next week.



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