USDCHF trades between the 100 and 200 hour MAs

The USDCHF is trading between the 100 and 200 hour MAs at the 0.9040 and 0.9068 levels respectively. The move above the 100 hour MA is a bullish sign (double bottom too) but the counter trend traders still need to be appeased by a move above the upper MA level. On a break, the high from Friday is not far behind at the 0.9091 level, but this level should not be a problem. The 0.91277 level is the 38.2% of the move down from the March 15th high. The high from last week at 0.9135 is another target.

A move back below the 100 hour MA should disappoint the dip buyers and would be an indication that the downside is still preferred.