The USDCHF has moved back below both its 100 and 200 day MA at 0.92335 and 0.92105 respectively. Yesterday, the 100 day MA was broken but the price moved back above that MA line in the Asian session.
However, the price restarted to break back to the downside in the US session today and that has seen the run below both MA levels. Staying below the MA would give the sellers more confidence for more downside. There is a bunch of up and down swing levels down to the Feb 21 and Feb 28 lows near 0.9149 level on further selling pressure.
A move back above the 200 day MA would have traders questioning the break and could see a snap back rally toward the 100 day MA at 0.92336 (with a move above leading to more upside momentum on the failed break).
Looking at the EURCHF on the daily chart below, after it failed on it's move below the parity level at 1.0000 earlier this month (the low came in at 0.9971 - PS the SNB was also reportedly supporting the market as well), the price of the pair moved higher toward the falling 100 day MA (blue line currently at 1.0387).
Sellers leaned against that MA on March 17 and again during Tuesday's trading this week.
The price has rotated back toward the broken 38.2% at 1.02155 (of the move down from the Feb high). Below that levelare swing lows between 1.01858 and 1.01938 (see red numbered circles). A move below that area would take the price of the EURCHF into the extreme lows that saw the pair tumble below 1.0000 to 0.9971 low.
