The USDCHF bounces off the 100 hour MA
The USDCHF fell quickly after the weaker than expected ISM data. However, the fall did stall right at the 100 hour MA at 0.97046. When sellers could go no further, the price snapped back higher. We currently trade at 0.97184.
Holding on the first test keeps the dip buyers happy, but if the level is broken, look for the buyers to turn to sellers.
On the rebound, the price still remains off the high for the day and the 50% retracement at 0.97382 (the bounce moved up to 0.9724). If the market is to ignore the data (hard to do on such a weak number but stocks are holding in so far), a move above that level may lead to more sellers giving up.
