Price falls from 100 hour MA and cracks below lower trend line
The USDCHF just moved down to test the low from January 13 at 0.8849. The low price reached 0.88474.
The move lower today started on a retest of the 100 hour MA (blue line in the chart above) in the late Asian/early European session. That continued with the pair consolidating against the 38.2% and above/below a lower upward sloping trend line.
The pair is trading back above the 38.2% as I type. Stay above that level, and move back above the broken trend line at 0.88713 would take more wind out of the sellers sails, and tip the bias back to the upside with the 200 and 100 hour MAs as targets (green and blue lines).
On the downside, the low today -and last Wednesday's low - are the obvious next targets to get to and through. The 50% of the 2021 range at 0.88406 becomes the next target not far from those levels at 0.88406. Get below should open the door for more selling.
