EURCHF moves back toward 1.2000 after bouncing off 200 hour MA

PS. It held near a 50% retracement

The EURCHF is higher on the day and moving back toward the 1.2000 SNB peg level from 2011-2014.

The price moved to a high of 1.20047 last week and retraced to the 50% of the last leg higher at 1.2927 AND the 200 hour MA (green line). Holding that area (and finding buyers) gave the bulls the reason to buy, and they have done just that.

The 1.2000 level remains a key level for traders. We've been there once and found the expected sellers. On a 2nd look, do the buyers overwhelm the sellers who are leaning?

Close risk are the 100 hour MA at 1.1969 and the 200 hour MA at 1.1931.