The USDCHF is trading to a new session high and in the process is inching closer to the broken 100 day moving average at 0.96187 (see higher blue line in the chart above).
Recall from last week, that the price tested and then broke below that key daily moving average level. There were some up and down price action near the level before the sellers took more control on Wednesday.
During yesterday's trade, a new swing cycle low was reached (lowest level since April 21), but support buyers leaned against a downward sloping trendline connecting recent lows on the hourly chart.
The price rebounded higher yesterday and closed above a higher downward sloping trendline. However, the high price in the early Asian session, found sellers against its 200 hour moving average.
After a retest of the broken trend line, the price has been able to move back to the upside, ultimately moved back above the 200 hour moving average and now looks toward the 100 day moving average.
Buyers are trying to take more control above the 200 hour moving average, but face the 100 day moving average above is the next key target. Move above that level and the 38.2% retracement of the move down from the July 14 high cuts across at 0.9628.
Close risk now is the 200 hour moving average at 0.95808. Stay above that moving average and the buyers can claim short-term victory (and short-term control).
