USDCHF moves down toward the 100 hour/100 day MA support level

The USDCHF has moved lower today and in the process have moved below its 200 hour moving average, and down to test the 100 hour and 100 day MAs which are converged near 0.92159. Those lows are also near the low just ahead of the jobs report on Friday at 0.92144. The low price just reached 0.92209 so far.

That area is key support going forward. It would take a move below both those levels to increase the bearish bias.

Conversely, holding above would still require the pair to move back above its 200 hour moving average (green line) at 0.92471. The price moved below that moving average in the London morning session and retested it in the US session, and found sellers against the level. That gave the sellers the go-ahead to push down toward the lower extremes. It also defined in the level as a topside resistance in the short term.

So the shorter term support and resistance levels have been defined with the 100 hour moving average/100 day moving average below, and the 200 hour moving average above.

Break outside one of those extremes should lead to more momentum in the direction of the break.