Keep an eye on 0.9175 for support
The USD has been weakening and the USDCHF has been part of that weak trend. The fall has taken the pair below the 200 day MA (green line in the chart below) and other targets.
Another level is being approached today. That is the low corrective price from February at the 0.91749 level (see the chart above).
After the SNB de-peg in January (low unknown but my chart goes to 0.8332), the price rallied strongly to a high on Feb 1 at 0.9344. The subsequent consolidation over the next 10 or so days saw the price stay between a high of 0.9344 and a low of 0.91749 before resuming the upward momentum on February 17th. The low price of 0.91749 is approaching (the low comes in at 0.9193). This should be a level that traders might look to stick a toe in the water with a stop below.
Looking at the intraday action today, the price action has been choppy today. The last leg lower (57 pip move has the 0.9221 level as the 50% midpoint. A move above this level would take the price above the European swing lows (see chart below). That would be the minimum to suggest the support below is holding.
I am looking for buying opportunities against the low support, with stop below.
