Price is back above floor between 0.92127 and 0.9222

The USDCHF tested then broke below a floor between 0.92127 and 0.9222. That rate to lead to selling down to a low today of 0.9186, The low got below a swing high going back to early March at 0.91939 (see 4-hour chart below), but could not reach the 50% midpoint of the move up from the February 16 low at 0.91714.  

The price has rebounded back to the upside, and trades back above the old floor. That has sellers on the break covering as the break failed, and the biases tilted more to the upside above that swing area/old floor.  

If the buyers are to hold control – and take back more control – there is work to do (which keeps uncertainty as to the move higher a bit in check).  More specifically, looking at the hourly chart below,  recall from yesterday, the high price stalled at the 100 hour MA (blue line), before heading lower (see post here).  That MA is now lower at 0.92362.  If the buyers are to take more control, they MUST get and stay above that MA line.  That key level may also attract sellers on the rebound. Hence the trickiness of the price action now.  

If the 0.92127 is rebroken, bearish tilt. 

If the 100 hour MA at 0.9236 is broken, more bullish tilt.

USDCHF on the hourly chart

It sucks that the break below the floor did not run further but that is trading.  

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