USDCHF falls to 200 hour MA for the 2nd test today

The USDCHF has move back to the downside after bouncing in the European session. The JOLTs data came in weaker. The factory orders to rebound by 5.0% after falling by -3.3% last month.

The US yields are down with the 10 year down -6.0 basis points. The two-year is down -10.3 basis points. Of course the US jobs report on Friday will be key.

Technically, the USDCHF has moved back lower after rising in the European session. The fall has taken the price back to the 200-hour moving average at 0.84747. Recall from yesterday that moving average was tested and found support buyers. Earlier today, the price dipped briefly below that moving average but snapped back higher. Moving below the level is needed to increase the bearish bias.

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