The USDCHF’s technical story is being written from a few perspectives. Looking at the 4-hour chart, support is defined by the 50% midpoint at 0.8785, the 100 bar moving average on the 4-hour chart at 0.8784, and the 100-day moving average a little lower at 0.8774.
The other perspective is off the hourly chart where resistance is defined by the falling 200-hour moving average at 0.88064. The moving average has held resistance over the last few days of trading.
So buyers and sellers are battling it out from different perspectives but with moving averages as the guiding force. At some point, there will be a shove outside of the extreme, and hopefully accompanied by increased momentum in the direction of the break.
Until then, the buyers and sellers will battle it out between the levels.
The buyers and sellers are battling it out between MAs