Find support against 0.9048 to 0.90546 swing area
The USDCHF followed the USD lower and in the process fell below the low from last week at 0.90849 and a swing low going back to September 18 at 0.90744. The next targets after that were focused on the swing lows from September 10 through September 16. Those lows reached 0.90481 to 0.90546. The low price reached 0.90549 just above that area, and has found some support buying.
What now?
The dip buyers made a play against the support. Risk can be defined and limited. Those buyers are benefiting from the bounce. However there is work to do on the topside for the buyers to take more control.
The pair is currently trading at 0.9073. The September 18 low at 0.90744 is the next target followed by the swing area between 0.90849 and 0.90899. Traders will be eyeing those levels for resistance (especially the 0.90849 to 0.90899 swing area). Stay below keeps the sellers more control. Move above and the buyers ARE taking back more control.
