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USDCHF back below the 100 day moving average but off the lows

gregmike-06125

The USDCHF has moved back below the 100 day Moving average at the 1.0299 level (blue line in the chart above)  but is back up off the lows.  From a technical perspective we have to respect the bearish bias since the price is now below the key moving average, but will need to see further downside pressure this afternoon to kick start selling pressure.

Over the last 4 trading days the price has traded below the key moving average level and closed below the level once (on January4th).  However, the market has not been able to sustain any meaningful downside pressure.  Risk is a move back above and a close above the key moving average.