USDCHF is moving towards new US session highs (still down intraday) and in the process is closing in on its bearish 100 hour moving average and the 200 hour moving average is near 0.89585. The price is currently trading at 0.8955.
Earlier today, the price tested the higher 200 hourly moving average to reverse and go lower. The low for the day stopped short of last week’s low at 0.8905. Today’s low reached 0.8911 before moving back up.
A move back above the converged moving averages – and staying above them – would tip the bias upwards in the short term with hopes for further corrective momentum. The next target would be the high of the day at 0.89678. Get above that and traders will be looking at the 38.2% retracement of the move down from the May 31 high. This mobile comes in at 0.8995 (just below natural resistance at 0.9000).