EURCHF dips below channel trend line but break may be failing

Channel trend line on the hourly chart

The EURCHF has been racing lower today. Yesterday, the price found sellers near the 200 hour MA (green lines) and the topside channel trend line. Today the price fell below the 100 hour MA (blue line) and raced lower. Sellers in the pair at one point today, helped to send the EURUSD and the USDCHF move lower at the same time. It was a momentum run.

The tumble took the price to a lower channel trend line currently at 1.1459. The price fell below that trend line on the way to a low of 1.14522, but that break stalled. The price is back above the line. The break is failing.

Do the buyers come in?

Risk can be defined and limited against the line. Traders looking to buy a dip can lean against the level.