USDCHF trades back below May 2015 low (again)

Technical Analysis

Author: Greg Michalowski | usdchf

This is the 3rd try for the break

The USDCHF has moved to new session in the last hour so and in the process has moved back below the swing low from early May 2015 at 0.90708. 

This is the 3rd try for the break_
Recall, the pair fell below that level during the week of July 26 and August 2 (see chart above). The lows during those weeks reached 0.90557 and 0.90495 respectively. However each of those breaks failed. The low price today has so far reached 0.90514.

Drilling to the hourly chart below, the price decline has moved down to test a lower trendline 0.90529. The price did dipped below that level briefly in the last hourly bar only to rebound back above. It would take a move below that level and then the low from August 5 at 0.90495 to increase the bearish bias.

Close risk will be eyed between 0.9066 and 0.90708 (low from May 2015) today. Stay below keeps the sellers more in control (see yellow area on the chart below).  

USDCHF on the hourly chart

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