The USDCHF moved higher on Friday and in the process extended to the 200 bar moving average on the 4-hour chart (green line currently at 0.85749). The price moved above that moving average toward the end of the day on Friday and into the early Asian session today, but could not extend to the next target area (see red numbered circles) between 0.8994 and 0.90026. The high price reached 0.89873, about 7 pips short of the low of the swing area. Buyers turn more to sellers over the last 15 or so hours of trading. The low price reached 0.8942.
Drilling down to the one-hour chart below, the price is rotating back down toward its 100-hour moving average. That level currently comes in at 0.8931. Admittedly last week, the price traded above and below that 100-hour moving average the last time on Friday. However, that break was quickly rejected in the price trended to the upside closing near the highs for the day. The 100-hour moving average currently trades at 0.8931. If the buyers are to remain more in control, holding the 100-hour moving average would be eyed. Conversely, a break below would have traders looking toward the 100-bar moving average on the 4-hour chart at 0.8915 followed by the 200 hour moving average of 0.89063.
