Trading below the 100 hour MA
Overall, the forex market is trading quietly as the quasi holiday, is likely leading to a lower volume day.
For the USDCHF, however, the pair is making new session lows despite a rebound in stocks (typically the CHF is bid when stocks move lower).
Technically today, the price fell back below its 200 day moving average at 0.99519 and is now moving away from its 100 hour moving average at 0.99418. The price in the New York session traded above and below that 100 hour MA, before breaking away from that MA level.
The next target comes in at the 38.2% retracement of the move up from the November load to the November high. That level comes in at 0.99288. So far, the price is not running to or through that level.
Should there be a break and the price momentum continues, it will open the door toward the 50% retracement at 0.99137, the 200 hour moving average at 0.99097 (the lows from last week are at that area too).
