$USDCHF tests support at the 1.0027 level. SNB intervention(?) pressures the CHF
The USDCHF is testing the 100 bar MA on the 5 minute chart at the 1.0027 level. As long as the price can remain above this moving average the bias is up. However, if the level should break, look for a further move to the downside. On the topside the price has resistance at the 100 hour moving average. This level comes in at the 1.0071 level. The high today reached 1.0069. Sellers came in against the key resistance level and also against the former floor which contained the downside prior to yesterdays sharp move lower.
The price rallied sharply today on the back of presumed Swiss National Bank intervention earlier today when the pair was below the 1.0000 level.
The EURCHF was also pressured earlier today getting down to a low of 1.5010 - just above the 1.5000 level which the central bank said was the line in the sand for that currency pair. The intervention lifted that pair back above the 1.5100 level (high 1.5131) but has since started to move back down. The pair is currently trading at the the 1.5060 level - below the 100 bar MA and the 200 bar MA on the 5 minute chart at the 1.5071 level. This gives a downward bias for the pair.
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