USDCHF tests swing lows from early May and finds dip buyers
The USDCHF fell to a session low of 0.97084. That low tested a swing area between 0.97086 and 0.97197.
Going back to May 2, May 3, and May 5th, the lows on those days stalled within that 11 pip trading range. Today, the lows paused in that area.
If the price can stay above that level, a move back toward the 38.2% retracement at 0.97666 (of the move up from the April 12 low - the last time the price traded below its 200 hour moving average for this week) would be eyed by the buyers.
Conversely, a move below that swing area and the dip buyers turn back to sellers and look toward the 50% midpoint at 0.96748.
