USDCHF still trades near January 2015 lows
The USDCHF is bears technical bias today.
What keeps it bearish? Looking at the hourly chart
- The price remains below a topside trend line. The high for the day tested online, but found sellers leaning against it. The trend line currently comes in at 0.89074
- The price remains below the 100 hour moving average (blue line). The 100 hour moving average currently comes in at 0.89172 (and moving lower).
- Yesterday, the price at the high tested a swing area between 0.89428 and 0.89477 and stalled. That kept the sellers happy and in control That area still remains a resistance level that would need to be broken if the buyers are to take back control from the sellers.
As I type, the pair is moving below a swing area between 0.8885 and 0.88908 and trading to a new session low. The low from yesterday at 0.88745 is the next target followed by a lower trendline at 0.8865 (and moving lower).
For the CHF, the EURCHF is lower but still remains will above the 2020 low of 1.04972. Technically looking at the daily chart below, the pair's price is testing its 100 day moving average at 1.07677. A move below that level would be a bearish tilt.
The fact that the EURCHF is not near lows while the USDCHF tanks, may keep the SNB anxious but ok. Nevertheless, if the EURCHF 12 fall below the 100 day moving average and move toward the 200 day moving average at 106.91 (green line), they may not be as content to let their currency get so strong. The SNB will meet next week.
