Forex Market Now Consolidating Moves From Earlier On

The market has quieted down a bit after the sharp dollar decline this morning.  Activity remains choppy, however.  The 11:00 AM NYT to 12:00 AM looks to be shaping up to be a little more volatile than usual given the activity this morning.  Be aware of this.  The EUR/USD remains below the 100 hour moving average which currently comes in at the 1.3728 level.  The key level was breached earlier this morning on stops, but it quickly reversed. Since the MA held the bias is bearish still.  However, the 100 hour moving average will be watched.

The USD/CHF has moved back above the 100 hour MA after selling off below it this morning.  This changes the bias to the upside.  However, a break back below the 100 hour MA would reverse the bias to the downside again.

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