USDCHF trades to a new session low

The USDCHF USD/CHF The USD/CHF is the currency pair encompassing the dollar of the United States of America (symbol $, code USD), and the Swiss franc of Switzerland (code CHF). The pair’s exchange rate indicates how many Swiss francs are needed in order to purchase one US dollar. For example, when the USD/CHF is trading at 1.2500, it means 1 US dollar is equivalent to 1.25 Swiss francs. The US Dollar (USD) is the world’s most traded currency, whilst the Swiss franc (CHF) is the world’s sixth most traded currency, The USD/CHF is the currency pair encompassing the dollar of the United States of America (symbol $, code USD), and the Swiss franc of Switzerland (code CHF). The pair’s exchange rate indicates how many Swiss francs are needed in order to purchase one US dollar. For example, when the USD/CHF is trading at 1.2500, it means 1 US dollar is equivalent to 1.25 Swiss francs. The US Dollar (USD) is the world’s most traded currency, whilst the Swiss franc (CHF) is the world’s sixth most traded currency, Read this Term 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 Moving average A moving average is a statistical tool that is used to smooth out short-term fluctuations in data and reveal longer-term trends. It is calculated by taking the average of a certain number of data points over a specific period of time, and then plotting that average as a line on a chart. The most common types of moving averages are simple moving averages (SMA) and exponential moving averages (EMA).In financial markets, moving averages are often used to analyze stock prices, exchange rates, and ot A moving average is a statistical tool that is used to smooth out short-term fluctuations in data and reveal longer-term trends. It is calculated by taking the average of a certain number of data points over a specific period of time, and then plotting that average as a line on a chart. The most common types of moving averages are simple moving averages (SMA) and exponential moving averages (EMA).In financial markets, moving averages are often used to analyze stock prices, exchange rates, and ot Read this Term (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.