The 0.92336 to 0.92412 area and 50% retracement are targeted support
The USDCHF held resistance against its 100 hour moving average in the Asian session. The inability to move above that moving average level turned the buyers to sellers.
The fall below the 200 hour moving average (green moving average line) and upward sloping trendline (see blue circles), added to the negative technical bias. The price decline continued helped also by US stocks faltered and flows move into the relative safety of the CHF (in addition to the negative technical bias for the pair).
The tumble lower now has the 38.2% retracement at 0.92652 as the close risk (that level was also a swing low from Tuesday's trade before moving higher).
On the downside, break below the 50% level and traders will start to target the 0.9215 area followed by the 61.8% retracement near 0.92019.
