EURCHF may be lower but the USDCHF is higher and testing 200 hour MA
The EURCHF cracked the 1.1000 level earlier today and treded to the lowest level since July 2017 (see’s Adam’s post here).
While that is heading lower today, the USDCHF has seen a base yesterday near the Friday low and today the pair is higher again. Technically, the pair is currently testing its 200 hour MA at 0.98511 (that MA was tested earlier in the day).
It is a key level to get and stay above for the buyers. Last week, there were three days where the MA was broken, only to fail each time. That helped to send the pair down to the lows near 0.9800. Now, with the MA lower, is the hurdle easier? Does it need some upside help from the EURCHF?
Looking at the hourly chart of the EURCHF, the pair fell below at lower trend line, but has rebounded above that MA line now (comes in at 1.0984). If the price can start to build off that failed break, the EURCHF might help the USDCHF as well.