Sellers leaned against the moving average level on the first test, and the price of the USDCHF has since moved down to current level of 0.92637.
If the 100 hour moving average level can hold resistance, a rotation back toward an earlier swing high near 0.9249 will be eyed. That level was also swing lows going back to March 7, March 8 and March 9 (see red numbered circles).
Conversely a break above the 100 hour moving average would target the 50% midpoint of the weeks trading range at 0.9288 followed by the falling 200 hour moving average at 0.92975.
For the week, the high price was reached on Monday at 0.93809. That high tested a swing high going back to March 18, and a swing area between 0.93749 and 0.93819. On Tuesday, that area was tested again and found sellers against the lower extreme. Buyers turned to sellers in push the price to the downside.
On Wednesday and Thursday, the price traded above and below its 100 day moving average and 200 day moving average. That pattern continue today. However, the last move above the 100 day moving average, found support buyers against the level. The price based and moved higher.
Now with the 100 hour moving average holding resistance, traders have found both the support and resistance levels in play. Traders will now look for a break for the next move.