The level at 0.9787 was also a swing low back in June
The CHF is the strongest currency of the day, and the USDCHF has trended lower. However, the price just stalled at the lows from a week ago at the 0.9787 area. That low also happened to be near a swing low on the daily chart going back to June 7th. The low on that date reached 0.97878. There is something about the level. We currently trade back up at 0.9803.
Drilling to the 5 minute chart below, the 0.98117 is the 38.2% of the last trend move lower intraday. The 100 bar MA is at 0.98171 (and moving lower). If the price stays below those levels, you have to respect the selling. A move above, however, and the waters are more muddy.
