The 100 hour and 100 day MAs were broken today, but work to do to take more control.
The USDCHF was trending higher and above a downside trend line supporting that trend coming into the trading day today (see hourly chart and the red numbered circles).
However, in the Asian session today, that trend line was broken and the buyers turned to sellers.
The fall has subsequently moved back below its 100 day moving average at 0.97348. That is also where the current 100 hour moving average is located.
With the two 100 bar moving averages at the same level, they now represent risk for sellers in the USDCHF. Stay below and the bears are still in control. Move above and I would suspect that the sellers would look to exit their short position.
Having said that, the trend for the last 6 or so days has been to the upside and the pair has yet to reach the 38.2% retracement at 0.96833. Nor has the price move back below the 200 hour moving average at 0.96723 (green line in the chart above). Each of those levels are downside targets.
Nevertheless, get below each and the sellers are more confident and more in control. Stay above and we have a battle between the buyers and sellers with the respective moving averages as the extremes.