The USDCHF has seen a move to the downside today along with the mostly lower USD.
Looking at the USDCHF on the hourly chart, the move to the downside has seen the price move below the 200 and 100 hour MAs. A snap back rally took the price back toward the 100/200 hour MAs, but the sellers quickly returned and pushed the price back to the downside.
The price is currently re-approaching the earlier low for the day at 0.91714. Move below and traders will be eyeing the low from Monday at 0.91582, followed by a swing area between 0.91409 and 0.9149 (see green numbered circles).
Admittedly, the price action has been up and down over the last 4 or so trading days. Yesterday, the buyers took the pair sharply higher reaching near swing highs from January 17 and intraday on January 16. The subsequent fall took the pair back down to the 200 hour MA where it held in the US session yesterday, and into the Asian session today. The price moved higher into the European session before eventually making its way below the aforementioned MAs tilting the bias lower.
Ups and downs create challenges, but it still is important to follow what the market is saying and look for the targets in the direction of the bias. If it seems that things are not going as you expect, get out.
