The price tumbles to new week lows
The USDCHF has retraced back toward the:
- Swing area at the the 0.9761-66 area
- The broken 38.2% retracement of the move down from the November 2019 high at 0.97691
- 100 bar moving average on the 4 hour chart at 0.97612.
The low price today moved to 0.9770. The price has rebounded off the support area, and currently trades at 0.97844.
The move to the downside has been helped by risk flows.
- Stocks fell.
- Bond yields fell.
- Gold prices rose.
However, those instruments are off there low/high levels. That has slow the decline in the USDCHF as well.
If the sellers are to remain in control intraday, watch the 0.9788-96 area as a potential resistance. Stay below and the sellers at least intraday, have more control. The 0.9796 level was the swing low from earlier this week.