USDCHF rose yesterday and in doing so moved around the political 100 and 200 hour moving averages.
Today’s Asian session was marked by close trading, but prices remained above the moving average support near 0.9041. However, the price gave way during the European session, and after a retest of the near-converging moving averages, the selling intensified, with the parent price hitting new lows for the day.
The next target zone is between 0.8998 and 0.9005. The rising 100-bar moving average on the 4-hour chart is also near this level at 0.8998. This level represents the low of the two-week trading range, during which prices rose and fell within a 97 pip trading range. Can sellers maintain downward momentum? Can they get off the beach and stay below?
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