Ceiling holds at the highs and pair cracks below the 100 and 200 hour MAs
The USDCHF has seen more selling today after a ceiling area at the 1.01190 - 1.01234 area. The inability to move above that ceiling, turned buyers to sellers. That selling was it intensified after the price fell below the 100 and 200 hour moving averages (and a trend line).
THe pair has moved below its 61.8% retracement of 1.00767. The 50% midpoint of the recent range comes in at 1.0085.. Those levels will now be eyed as resistance.
On more weakness, the pair will target the month lows at 1.0054 and 1.00496. Moves below each would increase the bearish picture but I would expect that breaking those levels today would to a tough nut to crack.
