The USDCHF has continued it's a 4 day slide after moving up to test a topside swing area between 0.9871 and 0.98908. The high price last week reached 0.98689 just below the low of that swing area.
The price moved below its 100 day moving average on Friday's trade at 0.96913 and the 50% midpoint of the move up from the August low to the September high at 0.96195.
Looking at the price action today, the pair moved below the 0.95449 level which was a swing low going back to May and near Friday's low as well. The next stop is the June swing low which came in at 0.94938 followed by the rising 200 day moving average at 0.94746.
As evident from the daily chart, there has been a lot of swing ups and then the swing downs. The patterns are somewhat unusual. Usually the market trends in the direction then consolidates. For the USDCHF , the price action is trending in one direction and then reversing and trending in the other direction.
Drilling to the hourly chart, the pair stay below the 50% midpoint of the move up from the August 11 low to the high from last week at 0.96194 (bearish.). The 61.8% retracement of the same move higher at 0.9560, and a swing area between 0.95373 and 0.95533 has been broken in the European/early US session. Stay below that area would keep the sellers firmly in control.
There are some swing lows going back to August 17 and August 18 between around the 0.9500 level. Below that is the rising 200 day moving average at 0.94745.
