USDCHF playing follow the EURUSD

EURCHF higher but confined

The USDCHF is paying follow the EURUSD today. The EURUSD has soared, the USDCHF has plummeted. Caught in that crossfire, is the EURCHF which is higher on the day (nothing is going to beat the EUR today), but is is not making any new highs. In other words, the USDCHF seems to be attached.

Looking at the USDCHF 4-hour chart, the pair has moved below the 200 bar MA on the 4-hour chart at the 1.1004 level the 38.2% of the trend move higher from the October 15 low comes in at 1.00017 level. The swing low from Nov 12 comes in at 0.9987 - the price is now below that level too. The pair is looking weak (to say the least). If the buyers are to take more control a move back above the 1.10000 level will be step 1. Until then the bears remain in control.

On the downside, for this pair the next key target is at the 0.9901 level. This is the 50% of the move up from October 15 low.