USDCHF bounces off the 200 hour MA and trades higher

The USDCHF moved lower with the USD selling earlier today, and in the process moved down to test the 200 hour moving average at 0.90653. Support buyers leaned against the level and pushed the price back higher. The pair is trading between the 100/200 bar MAs on the topside at 0.9091 (and a swing area up to 0.90978), and the 200 hour MA below.

Absent any big move into the close, that is where the week will close out. Next week, the MAs above and below will be the support and resistance. A break of either target with momentum would either increase the bullish bias or bearish bias.

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