The USDCHF moved above the 100 day moving average earlier today (in the Asian-Pacific session) and tried to stay above them moving average at 0.94216. However the highs for the day up at 0.94382 area could not extend above the high from last week at 0.94404. The volatility from the JOLTs and the chair Powell comment that the March decision was still data dependent, saw the price move lower, and back toward a swing area between 0.9387 and 0.9393. Also on the downside sits the 200 hour moving average at 0.9383 and the 100 hour moving average at 0.9376. The 38.2% retracement of the move up from yesterday's low is between those moving averages at 0.93797.
So resistance held against the highs from last week, and support is holding against a swing area and the 100/200 hour moving averages (and the 38.2% retracement).
The current price trades at 0.9403.
A battle is going on.
Overall, I would give the buyers the small tilt for control as a price has been able to stay above the 100/200 hour moving averages and above the 38.2% retracement. Move below those levels, however, and the tilt shifts more to the sellers in the short term.
On the topside getting above the ceiling near 0.9440 would give the buyers more confidence and control. Taking a broader look at the daily chart, getting above that high would have traders targeting the 38.2% retracement of the move down from the October high. That level comes in at 0.94744.
