Breaks below the 38.2% at 0.9242
The USDCHF is also breaking to a new low, and shows no signs of bottoming.
In an earlier post, the 38.2% retracement at 0.92423 was a potential bottom, but would have required getting back above its 200 bar moving average on the 4-hour chart at 0.92717. The highest the price got to was 0.92575 on the correction off that retracementy level. Sellers remain in control
The subsequent break below the 38.2% retracement has led to more selling pressure with the low now at 0.9232. The next target comes in at recent swing lows between 0.9212 and 0.9222. Move below that area, and traders will start to look toward 0.9200 and then the 50% retracement of the move up from the February 16 low which comes in at 0.91714.
