USDCHF falls back below 38.2% retracement and tests the 100 hour MA

The USDCHF moved above the 38.2% retracement of the move down from the July high to the August low both yesterday and again today. The US PPI data came in weaker pushing the price back to the downside, but support nearly 100 hour moving average at 0.8646 currently did attract some buying.

In the short-term, getting back above the 38.2% retracement at 0.8668 would give the buyers the edge technically .

Conversely, if sellers can push the price below the 100-hourmoving average at 0.8646, it would have traders targeting the 200-hour moving average at 0.86227. Get below that moving average would open the door for further selling momentum.

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