The USDCHF has extended to a new low as London/European traders look to exit. That low price took the price to 0.9313 which was near the low price from yesterday, and also near low prices from last week as well (see the swing area and red numbered circles between 019313 and 0.93194).
On trading on Monday, the price move below that swing area and tried to stay below, but sellers could not keep the momentum going and the price rebounded into the close and also into yesterday’s trade. The high price yesterday did extend above its higher 100 hour moving average (blue line) but failed and rotated back down toward the swing area.
Today after a move back to the upside found resistance sellers against the higher 200 hour moving average, the price rotated back to the downside and again to the swing area.
Move below the swing area and there should be further momentum with the 50% at 0.9304 and the low from Monday at 0.9293 as the next targets.
