Moves toward 50% midpoint of the December range
The USDCHF is following the lead of the EURUSD. The CHF is getting stronger vs. the greenback (much like the EURUSD which trades at new session highs). For the USDCHF it is down testing the 50% midpoint of the December trading range.
Looking at the hourly chart above, the pair tested highs from Monday and Tuesday on Friday and stalled. That started the run to the downside. Today after moving above the 200 hour MA (green line) in the Asian session, the pair reversed, used that MA (green line in the chart above) as resistance, and tumble lower. We just fell below a trend line at 0.9870 on the way to test the 50% at 0.9856. That is now risk for shorts. Stay below is more bearish.
On a break of the 50%, the 0.9836-385 is the next target area.
