The USDCHF is larger after bouncing off low from final week (low for yr). What subsequent?

The USDCHF fell in trading yesterday after breaking below the 200 day MA (near 0.8812). The tumble took the price of the pair down to the low price from last week at 0.8758. That low was also near a low going back to December (see red numbered circles on the chart below). Buyers leaned against that level and in trading today, the price has rotated back to the upside.

The subsequent move higher has stalled near a swing area between 0.8794 and 0.87995 (call it 0.8800). Getting above that level would have traders targeting the cluster of moving averages including the 200-hour moving average of 0.8810, the 200 day moving average at 0.8812, and the 100 hour moving average of 0.8815 (see cluster of MAs on the chart below).

Ultimately if the price is going to go higher buyers need to force the price back above that MA area and stay above. Absent that, and the sellers are still more in control.

The video above outlines the technical levels in play and explains their importance going forward.