Also moves away from 50% midpoint of the August trading range
The CHF is one of the strongest of the major currencies today on flight to safety flows, and the USDCHF is part of that strength.
Looking at the hourly chart of the USDCHF, the price just moved below its 100 day moving average at 0.9131 and its 50% midpoint of the August trading range at 0.91296. It also moved below a swing area between 0.91286 and 0.91326.
The selling has re-intensified and looks next toward the 61.8% retracement at 0.91032 (and the natural 0.9100 level).
Traders will now look to use the 0.91286 to 0.91326 area as resistance (close risk level for shorts). Stay below keeps the sellers firmly in control. A move above and there could be some disappointment on the break to the downside.
The US stock the client has intensified with the NASDAQ index now down -117 points or -0.79%. The Dow industrial average is down -263 points and the S&P is down -26 points.
US yields are also moving to the downside with the tenure down seven basis points at 1.226%.
Gold is trading up $7.40 or 0.42% $1786.60.
