USDCHF tracking the 100 bar MA today on the 5 minute. Below 100 hour MA
The USDCHF has stepped lower today using the 100 bar MA on the 5 minute chart as a level to sell against (see blue line in the chart above). The current level comes in at the 1.0684 level and this level will be watched - especially since the price has had a higher high off the low for the day at the 1.0655 level (last lows found buyers at 1.0662).
Keeping the pairs bias down is also the 100 hour MA. The last step down took the pair below this moving average level at the 1.0679 level currently. This the first move below since February 3rd. On that day, the price dipped to the 200 hour MA and bounced sharply higher.
As long as the price can remain below these key technical levels, the price bias remains to the downside. However, watch the 1.0662 level (last low on the 5 minute chart and double bottom). A move below this level is needed to keep the bears in charge and the dip buyers worried.
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