USDCHF trades to the lowest level since March 2018
The CHF is receiving safe haven treatment despite the pleas from the SNB officials that they will look to intervene,that their economy is suffering from the coronavirus and that the market buying of the CHF makes intervening NOT currency manipulation (as the US treasury warned).
Looking at the weekly chart, the price this week has moved below its 61.8% retracement at 0.95869 and the swing low from September 2018 at 0.95418. The next target comes in at the swing low from March at around the 0.94325. The price also fell below a trendline at 0.9518. Honestly there is not a lot of support targets on the weekly chart.
Drilling to the hourly chart below, the price today fell below a swing low area at 0.95328-423, and the low from March 3 at 0.9514. Those levels are risk levels now for shorts. Also a more conservative risk level would be the falling 100 hour moving average at 0.95722. The price has not traded above the 100 hour moving average since February 21 as flows head into the Swiss franc and out of the US dollar. On the downside, a lower trend line support comes in at 0.9417 (and moving lower).
Sellers remain in control. The flow into the CHF continues. Him him
