USDCHF has moved below a cluster of MAs

The USDCHF is cracking below a cluster of moving averages including the 200 day moving average at 0.9169, the 200 hour moving average at 0.91654 and the 100 hour moving average at 0.91508 . The low price just reached 0.9143.

The run to the downside corresponded with a reversal lower in the USD. The greenback is moving to a new low for the day vs the EUR, GBP, CAD, AUD and NZD. The NASDAQ index is now down -0.95% as higher yields hurt that indice. The JOLTs and ISM manufacturing data were weaker than expectations and are contributing to the weakness. Technical breaks are also a contributor.

Looking at the hourly chart, the breaking of the cluster of moving averages tilt the bias to the sell side. Getting back above the 100 hour moving average, and a swing area between 0.9156 and 0.91604 would now be eyed if there is a possibility for a bounce back higher. Absent that, and the sellers would look toward 0.9127 area. The low from the European session yesterday reached 0.9115 it is a another downside target.

Helping the sellers from a technical perspective, is the high price from yesterday stalled near other swing areas going back to December 24 (see red numbered circles) and the 50% midpoint of the move down from the December 15 high.