The strongest to the weakest of the major currencies

Looking at the strongest to weakest of the major currencies, the CHF is the run away strongest. The CAD is leading the way to the downside.

Looking at individual market movers, the CADCHF is the biggest mover with a decline of -3.02%. That is today alone. What does that look like on the chart (see chart below)?

The CADCHF is approaching a key support area

The daily chart of the CADCHF above is showing volatile up, and down, and up, and back down price action over the last 2 trading months. Last week, the high price reached 0.77987. That was short of the swing hi from May at 0.78118. The price corrected lower off of that level reaching a low 0.76494 but rebounded to close at 0.7708 yesterday.

Today's tumble to the downside has taken the price all the way down toward the swing low from May 24 at 0.74569. That low in May was just above the 50% midpoint of the move up from the December 2021 low at 0.74541, and also near a swing low going back to April 18 near the same level. The low price today has so far reached 0.7467.

Needless to say, the swing low from April 18, May 24, along with the 50% midpoint make for a cluster of support that should attract dip buyers. As if those three levels weren't enough, the rising 100 day moving average - currently at 0.74555 (blue line in the chart above), is also in play near those other support levels.

Needless to say holding support against those levels could lead to a short-term bounce (the currency pair certainly has enough volatility). However a break below would likely trigger stops with additional downside momentum.

Close risk for sellers?

Looking at the hourly chart, watch the 0.7530 to 0.75385 area. There are some swing highs and lows going back to May 27 and May 30 along with the broken 38.2% retracement on the daily chart in that area and additional upside comfort comes with a move above 0.7553.

CADCHF on the hourly chart