USDCHF trades to a new day low and looks toward a test of its 100 hour moving average

Technical Analysis

Author: Greg Michalowski | usdchf

100 hour moving average at 0.92467

The USDCHF reached a peak price of 0.9294 in trading today. That was just short of the swing highs from Friday up to 0.92954. The price action since the high has seen a dip followed by a corrective move back into positive territory. However the last hour has seen a rotation back to the downside. In the process a new intraday low was reached. The earlier session low came in at 0.92547. The low price just reached 0.92538.

100 hour moving average at 0.92467_
On more weakness, the pair will look to test its 100 hour moving average at 0.92467 that sits between swing levels from Thursday and Friday's trade between 0.92448 at 0.92496. The cluster of support targets will be an important barometer for traders today and going forward. Stay above and the move lower is a modest correction in a consolidation range. Below should see more downside probing with 0.92149 to 0.92216 as the next target area. The 38.2% retracement of the move up from the September 15 low comes in at 0.92020
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