USDCHF consolidates the declines from last week

Technical Analysis

Author: Greg Michalowski | usdchf

Lower on the day but low stays above last week's lows

The USDCHF moved lower last week after peaking on Tuesday just below the key 0.9200 level (the hi reached 0.91998).  the fall took the price to a Thursday low of 0.90481. Since then, the price corrected around 38.2%, but stalled ahead of its 200 hour MA (green line).

Lower on the day but low stays above last week's lows
On Friday, the pair rotated modestly lower. Today, the price action has extended even lower but the low for the day stalled ahead of the low from last Thursday (the low today reached 0.90575 while the low on Thursday reached 0.90481).  

The pair currently trades at 0.90736.

Connecting recent highs on the hourly chart, a trendline cuts across at 0.90927. Ahead of that level watch the 0.90814 level that was a swing low going back to September 3. It would take moves above each of those levels to give buyers more confidence with the 38.2% retracement at 0.9106 and the falling 100 hour moving average at 0.9115 as upside targets.

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