Vendors assume a little more control
The USDCHF moved below a swing floor area between 0.9164 and 0.9172 (see red numbered circles on the hourly chart below). That area was home to a number of swing lows back to June 17th.
By today, the price had fallen below its 100-hour moving average at 0.9191 for now. That rupture inclined the prejudice more to the disadvantage. NOTE that going back to June 16, the pair was based against the moving average of 100 hours before running higher (FOMC day).
The higher run last week took the price above its 100-day moving average (currently at 0.91234). If the price can now stay below the 0.9172 level now (high of the swing area), that 100-day moving average would be the next main target (at 0.91234. PS the 38.2% withdrawal from the June trading range is also close of that level at 0.91189).
Just above that key MA is a swing low from last Thursday’s trade at 0.9132.
IF buyers lean, that area between 0.91189 and 0.913221 would be where buyers will appear with stops during a break below.
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