USDCHF continues its move to the downside

Technical Analysis

Author: Greg Michalowski | usdchf

Lowest level since May 2015

The USDCHF has continued its moved to the downside. The price on the weekly chart below is trading below the June 2015 low price at 0.91499, but above the May 2015 low of 0.90708. The low for the day just reached 0.9110. A move below the natural support at the 0.9100 level would open the door for a run toward the May 2015 low.  

The USDCHF has been down for 7 consecutive days (working on day 8). The close yesterday came in at 0.9126.

Lowest level since May 2015
Drilling to the hourly chart, the corrective high today did stall ahead of the swing low from Tuesday's trade at 0.91553. The low price reached 0.91505. The high also stay below the topside trend line (currently at 0.91577 and moving lower). Stay below that trend line and the falling 100 hour moving average at 0.9179, keeps the sellers in control.

On the downside, lows from Monday Tuesday and Wednesday forms a trendline that currently comes in at 0.9089. That level is another target on the downside ahead of the 0.9070 level from the daily chart.

On the topside the close from yesterday at 0.9126 may be a barometer for bulls and bears as well today.

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