The USDCHF has been choppy over the past four trading days, bouncing between support and resistance levels since bottoming near 0.8100 last Friday. The pair climbed to a high of 0.82678, then dipped to a higher low at 0.8118, before rebounding again yesterday to a session high near 0.82389.

As price consolidates, the 100-hour moving average (blue line) has gradually moved lower and is now acting as dynamic resistance. Yesterday’s rally stalled just below the moving average, and in early European trading today, the pair dipped to a session low of 0.8128 before rebounding once again—only to find sellers stepping in just ahead of that same falling average. The 100-hour MA currently sits at 0.81897.

A sustained break above the 100-hour moving average would shift the near-term bias more in favor of the buyers, though additional hurdles remain.

Upside targets include:

• Yesterday’s late high near 0.8239

• Monday’s high at 0.8269

• The 38.2% retracement of the April 7 decline, which comes in at 0.83161

For now, the sellers retain control below the 100-hour MA. Targets on the downside include the low price from yestarday and today near 0.81288. Below that and the low from last week – and the lowest level since September 2011 – would be eyed at 0.80897.

Looking at the daily chart, the pair fell below a key floor area between 0.8333 and 0.8373. Ultimately, if the price is to move higher, getting above that old floor is a necessity from a technical perspective.