The USDCHF initially pushed higher in the early U.S. session, breaking above the 200-hour moving average at 0.8001. That move came in tandem with the EURUSD’s drop following the initial reaction to the ECB policy announcement.
However, the rally was short-lived. A sharp spike in U.S. initial jobless claims to 263K vs. 235K expected quickly flipped the script. Sellers stepped in, driving the pair back down toward the falling 100-hour moving average at 0.7967. On the first test, support buyers leaned against the level, giving the pair a modest bounce.
At the moment, the pair is trading near 0.7973. The short-term bias has tilted slightly to the downside after the failed break above the 200-hour MA and the subsequent fall back below the 38.2% retracement of the move lower from last week’s high. That level comes in at 0.7975.
That said, the 100-hour MA at 0.7967 remains the key risk-defining level. If price holds above it, buyers may continue to defend and look for a rebound toward the topside. A sustained move below, however, would open the door for a deeper correction lower.
Overall, the buyers had their shot. They failed. The sellers are taking their shot. Will they be able to push below the 100-hour moving average, or is the battle between 100 and 200-hour moving averages what traders are focused on?
This article was written by Greg Michalowski at investinglive.com.Hence then, the article about usdchf falls to the 100 hour ma after the us jobless claims was published today ( ) and is available on forex live ( Middle East ) The editorial team at PressBee has edited and verified it, and it may have been modified, fully republished, or quoted. You can read and follow the updates of this news or article from its original source.
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