USDCHF price action is setting up traders for the Fed Chair testimony

The USDCHF price action today is setting up traders for the Fed chair testimony at 10 AM ET. On the topside, the 100-day moving average resistance. That level comes in at 0.89903. It would take a move above that level to increase the bullish bias through the Fed chair testimony.

On the downside, the 100 bar moving average on the 4- hour chart at 0.8955 was broken yesterday, but failed. The sellers had their shot. They missed. Nevertheless, on the downside today, moving below that level -and staying below – would increase the bearish bias.

In this video, I outline the technicals in play and explain why they are so important especially with a key event ahead. Traders will be looking for the break and run with momentum.

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