Lowest level since August 2015.
The USDCHF cracked below a key swing low area defined by lows going back to May 2016. There have been 5 daily swing lows in the 0.9427-43 area (including yesterday). Today that floor was busted and the market ran.
Drilling down to 5 minute chart, the run lower picked up steam after the price showed it could stay below the 0.9427-43 area AND also stalled near the 100 bar MA (blue line) . The price could not muster much activity above that MA in the London morning session. That gave the sellers the "go-ahead" to head lower. Of course general USD weakness has also been a contributer.
What now?
The 38.2% and 50% of the run lower today at 0.9346 to 0.93639 will be eyed as a level that sellers should come in IF the selling momentum is to continue. A move above will disappoint some sellers and could see more upside toward the falling 100 bar MA (blue line) at 0.9394 area.
