USDCHF falls to a new session low

The USDCHF is trading to a new session low and in the process is approaching the next target at the 38.2% retracement of the move up from the February low (to the high reached last week). That retracement level comes in at 0.9294. The low price reached 0.93048 today.

In the Asian session, the first few hours of trading saw the pair trade above and below its 200 her moving average (green line currently at 0.9370).

After a modest move to the downside later in the Asian session, the price corrected backup toward the 200 hour moving average, and found willing sellers. That gave the sellers go-ahead to push to the downside.

There was a snapback rally in the early European session, but selling has continued over the last six or so hours of trading, pushing the price to the new session low.

Moving below the 38.2% retracement would test a swing area between 0.9278 and 0.9290. Below that a rising trend line cuts across near 0.9262.

Overall, sellers are more control. Traders will now watch the 0.9331 level as close resistance. Above that and the 0.9340 – 0.93484 area would be eyed to stall any rallies if the sellers are to keep control.

Conversely, for dip buyers in the USD, the 38.2% retracement level at 0.9294 would be a level to lean against. Hold above that retracement and the correction is just a modest retracement for the pair.