The USDCHF has moved sharply lower after the US CPI data surprised to the downside.
The price action has seen the pair move below a swing area between 0.9453 and 0.9469. Also within that area is the 61.8% retracement of the 2022 trading range that comes in at 0.94626.
The pair is also dipped below its 200 day moving average for the 1st time since the end of March. That 200 day moving average comes in at 0.9428. The price is currently trading just below that level at 0.9424. The low price for the day reached 0.9406.
On the daily chart there is not a a lot of support until 0.93822 which was a swing hi going back to March 28. A swing area between 0.93658 and 0.93822 is home to a number of swing highs going back to September 2021. That area should find some dip buyers/profit taking on the first test.
For now, the sellers are in control with the 0.9453 – 0.9469 area as key resistance above. Stay below is more bearish.
