USDCHF battles at key moving averages, hinting at short-term bias

The USDCHF as it drifted lower in trading today. Yields are down. The market digested the Fed comments yesterday. Nevertheless, the Swiss National Bank did cut rates at their last meeting. The Federal Reserve comments from Fed’s Powell and Fed Gov. Jefferson yesterday suggested the Fed is on hold for an extended period of time. That should support the USDCHF all things equal.

From a technical perspective however, the price is back below its 100-day moving average of 0.91216, but above it to hundred hour moving average 0.90897 (and moving higher). Those levels will help to define the short-term bias for the pair.

This article was written by Greg Michalowski at www.forexlive.com.