Up and down session
The USDCHF started the day near a swing low from September 21 at 0.9086. The price bounced higher, stalling near another swing area from the same date at 0.9123. That was also below the swing low from last Tuesday at 0.91326.
The last few hours has seen the price move lower and back toward the earlier lows and swing area between 0.9086 and 0.9088. If the price is to go lower, getting and staying below that level and cracking below the lower trend line at 0.9080 will be eyed (see hourly chart above). Below that, and traders will be eyeing the other swing lows from mid-September at 0.90744 and then the lows between 0.9048 and 0.90546.
As the market price moves toward the consolidation area from mid-September, the buyers and sellers have to battle it out. The price can jump, and we saw that at the open. There could be sellers too as the trend has most recently been to the downside. Traders will pick their spots.
Taking a look at the daily chart below, the pair has moved back below the 61.8% of the move up from the September 1 low at 0.9112. Stay below keeps the sellers more in control.
