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USDCHF backs off from earlier spike higher

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100 hour MA retested.

Earlier today SNB’s Maechler said negative rates and FX interventions was needed to to relieve pressure on franc. That headline helped to weaken the CHF (send the USDCHF higher). However, after breaking above swing highs from Wednesday/Thursday at 0.9199, the pair ran into the Tuesday high at 0.9213 area, and found willing sellers ahead of the high from last week near 0.9236.  

100 hour MA retested._

The price has since drifted lower in the NY morning session, and in the process is back down retesting its 100 hour moving average at 0.91813.  

A move below the 100 hour moving average would have traders looking toward the rising 200 hour moving average (green line in the chart above). 

Recall from Friday, the pair fell to a new week low and low going back to June 17, and in the process tested the 200 hour moving average (see green line).  Buyers leaned against that level and ultimately pushed the price back to the upside. 

It would take a move below the 200 hour moving average to increase the bearish bias from a technical perspective.  Absent that, and the buyers still hold onto more control.

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