The USDCHF moved lower into the US CPI data. The price has been down 4 straight days. Yesterday in the my post I talked (and showed) of the swing area between 0.9537 to 0.9553. That swing area held resistance into the close yesterday. The hold gave the sellers to go-ahead to start the wander lower in the Asian session.
The 0.9500 level followed by the 200 day MA was the next targets and that is where the price gravitated toward. The low for the day reached 0.9479, just above the 200 day MA at 0.94763. Dip buyers/profit takes leaned.
The CPI data gave the dip buyers a huge reward. The price has been able to move back above a swing area at 0.9537 to 0.9553 (see green numbered circles in the chart above).The pair then moved above a higher swing area between 0.9591 to 0.9606.
The run higher did finally run into some sellers that lined up between the 38.2% of the move down from the high 5 days ago at 0.9628, and the falling 100 hour MA at 0.9636. Key technical targets to get to and through if the buyers are to push to the next levels. Sellers leaned however. The high reached 0.96325 between those 2 technical levels. There has been 6 consolidation of the last 2-3 hours of trading.
Since peaking the price has been able to stay mostly above the higher swing area (red numbered circles) down to 0.9591(the low dipped to 0.95895 - just below that low). Traders will be eyeing that area as close support intraday. Stay above keeps the sellers in firm control. Move below and there could be some additional modest selling pressure down to the 0.9575 area.
On the topside the aforementioned 38.2% retracement at 100 hour moving average would be the key targets to get to and through. Get above and the buyers will start to look toward the 50% midpoint near 0.9674 is the next key upside target followed by the 100 day moving average at 0.9691. That 100 day moving average sits between a another swing area between 0.9686 and 0.97077.
