USDCHF toys with a key support level. Do we get a bounce?

Technical Analysis

Author: Greg Michalowski | usdchf

50% retracement and 200 hour MA settle at 0.9435.


The USDCHF is toying with the 200 hour MA and the 50% retracement at the 0.9435 level.

The price has traded below the key level on two separate hourly bars. The current bar stalled at the line. Is it showing a buying floor?  

Maybe.  

The risk is not great. A new low for the day or if you just want to use the dual tools at 0.9435.  

If the price starts to trade below the levels, it is not a good signal from a technical perspective.  However, if the price level does hold, there can be a retest of the 0.9458 (low from yesterday and the 38.2%) and we can see what happens from there. 
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