USDCHF sellers lean on the 100-hour MA as downside bias builds ...Middle East

After bottoming at 0.8450 yesterday as US yields pushed lower in pre-US open hours, a corrective rebound saw the price run higher but stalled yesterday near the falling 100-hour moving average (blue line). That level has now established itself as a short-term barometer for the pair. The rejection from that moving average reinforced bearish pressure, keeping sellers in control.

So in summary, sellers leaned against the falling 100 hour MA (currently at 0.86157). That MA will need to be broken on the topside ultimately if the buyers are to take more control.

The price is also testing a key swing area between 0.85309 and 0.8557. In the short term, if the price can stay below 0.8557, the sellers can probe the downside more.

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

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