New lows for the USDCHF. Those closer to the 200 hour moving average

Technical Analysis

Author: Greg Michalowski | usdchf

USDCHF inches to the downside

The USDCHF is making new session lows and int he process is getting closer to the 30.2% retracement 0.96833 below that is the 200 hour moving average at 0.96717 (green line in the chart below).

USDCHF inches to the downside

On Thursday last week, the price moved above the 200 hour moving average on its way to a high at 0.97963.  

Today, the price fell below a upward sloping channel trendline (up at 0.9774 area), and then the 100 day and 100 hour moving averages (they are currently at 0.97364).  

A swing level at 0.9717-22 helped to stalled the corrective rally in the North American session (see yellow area with green numbered circles).  The last few hours has seen a slow rotation back again to the downside.  

Breaking back below the 200 hour moving average would increase the bearish bias. Holding above would increase the battle between the 100 bar moving averages above and the 38.2/200 hour moving average below.
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