USDCHF tests a swing area and the 100 day/100H MAs
The USDCHF has seen a move higher that extended the gains from Friday. The pair moved to the highest level since July 21 and above the 0.9700 level in the process.
The price has rotated back to the downside with the decline moving back to the 100 day MA at 0.9664, and below that, the 100 hour MA at 0.9651.Those levels are also in a swing area which was broken last week on a few occasions but could not sustain upside momentum and backed off (see red numbered circles).
A move below each of those levels (and swing area), would disappoint some buyers from a technical perspective and have traders looking back toward the 200 hour MA at 0.96122. On Friday, the price moved below the 200 hour MA on Friday off the weaker PCE core inflation, but shot higher on the Powell comments.