A move above would be more bullish
The USDCHF is trading at new session highs and in the process is up testing the October 5 and October 9th highs. A move above would be more bullish. Staying below could tilt the bias back to the downside (with stops on a break above).
Last week, and into this week, the price had a number of shots to head below the key 100 day MA (lower blue line at 0.98584) but could not gather momentum.
Yesterday, the swing low stalled right at the level and bounced quickly. That was the clue to the buyers and frustrated the sellers. Today, the price based at the 100 hour MA in the early Asian hours, before moving higher.
With the price at the October high, the question now is can the sellers against the October highs keep a lid on the price? Risk is defined and limited against the highs (give or take a few pips).
PS the USDJPY is also testing a key level against the 200 hour MA (green line in the chart below). Do they both stall or break through?