USDCHF sellers have pushed pair down to moving average support.Will the buyers come in?

The USD/CHF has moved lower, testing key support near the 200-hour moving average (0.90609) and 100-hour moving average (0.90504). The price has stalled in this area, as traders cautiously lean against these levels as a risk zone.

Key Levels to Watch:

• Support: The 200-hour and 100-hour moving averages at 0.90609 and 0.90504 are critical. Buyers may view this zone as an opportunity to enter with stops placed below these moving averages. Conversely, sellers will look for a confirmed break below these levels to push the bearish bias further.
• Resistance: On the upside, focus on 0.9077. A move above this level could open the door for further gains, with targets including yesterday’s and today’s highs.

Outlook:

For now, the moving averages are acting as support. If these levels hold, buyers may regain some control. However, a break below could signal increased downside momentum.

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