The USDCHF is lower on the day retracing most of the gains seen yesterday when the CHF was the weakest of the major currencies (higher USDCHF). The move higher yesterday stalled near the swing highs from Thursday and Friday of last week (see chart above). The high price reached 0.91087. The price sniffed the falling 100-day moving average as well. That moving average is currently at 0.91155.
Today, sellers started in the Asian session and continued with moves back below the 200-hour moving average (green line currently at 0.90608) and the 100-hour moving average (blue line currently at 0.90497). The low price reached 0.9034 in the late Asian/early European session. That took the price into a lower swing area (see red numbered circles) between 0.90255 and 0.90358.
Since that bottom, the price action has been sloppy up and down with a high price near 0.9073. A new lower low for the day was reached down to 0.90315.
The current price trades at 0.90453.
Technically, the sloppy price action has seen the price extend above and below the hourly moving averages (blue and green lines) without much respect to them. The good news is that support buyers have been leaning against the low swing area.
Also, the 0.90736 area was a ceiling going back to May 25 and May 26, and other swing highs and lows (see green number circles in the chart above).
If I were to focus on the next key targets, it would be 0.9073 above and 0.90255 – 0.90358 below. In between, and the price action is sloppy up and down. On a break of either extreme look for momentum in the direction of the break.
