USDCHF
USDCHF falls to key support

The USDCHF reached the highest level since November 26 yesterday, taking out the high from last week by a few pips (0.9336 vs 0.93425).

However, the momentum faded and when SNBs Jordan said a stronger CHF keeps inflation in check, the USDCHF moved lower (usually the central bank is whining about a stronger CHF).

The price moved below the 100 hour MA (blue line) and closed near that MA level.

Today, the price tried to extend back above the 100 hour MA in the early Asian trading hours, but went nowhere, and rotated back to the downside. The momentum took the price below the 38.2% at 0.93465, the 100 da MA and 50% retracement of the move up from the January 13 low at 0.92168 and the rising 200 hour MA (green line currently also near 0.93168).

The low for the day reached 0.9203 which was near a swing high from last Tuesday at the same level.

The price has more recently moved back above the cluster of MAs and 50% retracement level at 0.92168 and trades at 0.9233 currently.

What now?

The move above 0.92168, now reinstates the level as a key support target in the short term. Stay above and the broken 38.2% at 0.92468 will be eyed with a break above it opening more of the door for a potential return to the 100 hour MA at 0.9279 over time.

If that retracement can not be breached on a wander higher and a return to the cluster of support will be eyed once again.

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