The USDCHF is pushing to new lows for the day and in the process is moving toward the lows for 2023. Those lows come between 0.8851 up to 0.8866 (see green number circles). The low reached 0.88625.
Looking at the hourly chart going back to April 12, the price has been trading up and down between 0.8851 and 0.9002. That is not a huge trading range over that 15 day.. Yesterday the high price stalled within the upper region between 0.8992 and 0.9002. The highreached 0.8994 before backing off.
The price closed yesterday between the 200 hour moving average above, and the 100 hour moving average below currently between 0.89212 and 0.89371 (see green and blue lines in the chart above).
With the price trading near the lows, moving below 0.8851 would open the door for the downside momentum through the FOMC rate decision. The floor area now will become the new ceiling.
On a move back to the upside, getting back above the hourly moving averages (at 0.8921 and 0.89371) whatever traders tilting the buyers more to the upside once again, and after looking toward the swing high area (see red numbered circles)
Looking at the weekly chart, a move lower whatever traders looking toward 0.8822 to 0.8838. The low price from the week of January 3, 2020 reached 0.87568. Move below that level and the price is trading at the lowest level since 2014.
