The USDCHF bounces of the 100 hour MA

USDCHF held the 100 hour moving average on the last dip

The USDCHF has seen choppy price action today and also on the last six or seven days. 
Recall from yesterday, the price initially moved higher and extended above its 100 hour moving average only to rotate back below soon thereafter and cracked below its 200 hour moving average in the early US session. That break failed as well and the price rotated back between the 100 and 200 hour moving averages (blue and green lines) for the rest of the trading day.
That up-and-down price action continued in trading today with an initial move above the 100 hour moving average in the Asian session failing and rotating back down toward a swing area between 0.9315 and 0.93194. Support buyers in the early European session pushed the price back above the 100 hour moving average once again (blue line).
Of technical note is that the last break above the 100 hour moving average, the price decline in the last two hourly bars has been able to hold right at the 100 hour moving average at 0.93319. That gives the tilt to the buyers, the price is currently trading at 0.9343.
With that technical hint from the support buyers against the 100 hour moving average, the USDCHF will now have to move below to tilt the bias back in the downward direction. Absent that, and the upside is preferred and buyers are in more control. Getting above 0.9350, and the 61.8% retracement at 0.93581, would have traders looking toward the swing highs and lows going back to March 14 that range between 0.9366 and 0.9382 (see green numbered circles). That swing area is ahead of the extreme from March which saw the price extend all the way up to 0.9459 before rotating back to the downside.