Flight to safety flows pre-stock market open
The USDCHF is another pair that is moving lower. In the process, the pair has now broken back below the 1.01237-29 area (see red circles). That happened on Friday. Today, the selling is intensifying as traders brace for the US stock market opening.
The 1.0123029 area is a a bias/risk level. Stay below it is more bearing.
The pair is also now below the 38.2% and the 50% of the mvoe up from the March low at the 1.0104 and the 1.0064 levels respectively. They too are risk/bias defining levels.
Stayiing on the daily chart, the trne line and 61.8% retracement come in at 1.0024 level. Below that is the 100 day MA at 1.00047 level. Those are the next targets on more weakness for the pair.
