The USDCHF moved to a new low for the week ahead of the US flash PMI data. The prior low was a 0.8920. The new low extended to 0.8907. However, that break was short-lived and the data release led to a bounce higher and to a new session high at 0.89535. That is the good news for the buyers. The bad news is that the old high today was 0.8953. So the break was only 0.5 of a pip. Not much of a break.
The high price also stalled ahead of the falling 200 and 100 hour moving averages. Those levels come in at 0.8958 and 0.89613 respectively. Recall that yesterday, the 200 hour moving average stalled the rise. As result getting above that moving averages key to tilt the buyers more in the direction of the buyers. It didn't happen.
The price has since rotated back lower and trades at 0.8934.
So overall support targets come in near the old low from this week at 0.8920 and then down to the low today at 0.8907. Resistance comes in near 0.8962. Move above that level (the 200 hour MA) and the door opens for more upside probing with the 50% midpoint of the move down from last week's high at 0.8989 and downward sloping trendline as the next key target. Above that and the high from Wednesday at 0.9002 would be hide. That level - in addition to being a natural resistance level - was also near the swing low going back to April 5 (at 0.90004).
