Trades to the lowest level since May 2015
The USDCHF is following the up and down pattern today seen in many currency pairs vs the USD.
That up and down price action however does come after trading to the lowest level since May 2015. In the process, the price moved below swing lows from June 2015 at 0.91499, February 2018 at 0.91865, and the 2020 low price from March 8 at 0.91747. The low price today reached 0.91391, but has bounced back into that swing area.
If the price is to bottom near this swing area, staying above the 0.91499 level would be eyed today. A move below would have traders looking toward the lower May 2015 low at 0.90708
Drilling to the hourly chart, the up and down price action today did fall below a lower trendline at 0.91505. That was very close to the June 2015 low at 0.91499. However, the momentum below that line could not be sustained despite 2 separate breaks lower. That increases that levels of importance going forward today.
On the topside, the 0.9186 area is a swing level over the last 3 trading days. A downward sloping trendline is also approaching that level. If buyers are to take control they need to get above that level at the minimum. If that can be done, the falling 100 hour moving average at 0.92066 (blue line in the chart below would be another target to get back above.