Weaker Michigan consumer sentiment sending the pair lower.
The USDCHF has been trending lower over the last eight trading hours after the high for the day stalled just below the high from yesterday , and the high from Wednesday (see red numbered circles).
After stalling near the highs, the pair cracked below its rising 100 hour moving average (blue line currently at 0.92173), and momentum lower increased.
The weaker than expected Michigan consumer sentiment has continued to push the pair lower (the dollar lower). It is now breaking below a swing area between 0.9185 and 0.91885 (as I type). The next modest target comes in at 0.9173. Below that and traders will start to look toward the 38.2% retracement of the August trading range at 0.91558. The rising 200 hour moving average comes in at 0.91474.
That area should be a decent support area on the first test.
