USDCHF bases near the 100 hour MA and races higher
The USDCHF is up about 0.66% today, trading in the current hourly bar to a new session high at 0.91013. The moves is short of the high from Wednesday and Thursday near 0.91069 and also the important 100-day MA at 0.91173. The price did move above the 100-day MA back on May 31, but could not sustain momentum above that MA level. That MA was retested on June 5th but found willing sellers against the level.
Getting and staying above the 100-day MA is the next major target. As a result, it may also attract sellers if tested today, especially after the big move to the upside today. Be aware.
What would ruin the bullish bias?
Move below 0.90736 and then the 200-hour MA at 0.90657, and then the 100-hour MA at 0.90500. Earlier today, the price based against the 100-hour MA, before shooting to the upside. Moving back below would not be welcomed by buyers looking for more upside momentum
Read More: USDCHF moves closer to its 100 day moving average