The pair continues to fall after forming a double-top above 1.0000
The low today touches 0.9811 and sellers are now looking for a firm break of the 23.6 retracement level @ 0.9851. A clear daily close below said level would be a strong signal for a further downside move in the pair and there isn't much to hold it from falling towards the region of 0.9711 to 0.9724 - the 200-day MA (blue line) and the 38.2 retracement level.
As the dollar continues to tail off from recent highs, the swissie is finding binds alongside the euro strength that we're seeing today - where EUR/USD breaks above the 1.1800 handle.
The downtrend move here looks to be one which can gather pace quite quickly with little support seen in between current levels to the 200-day MA. And if the pair powers through with downside momentum towards the 200-day MA, I'd be watching the 100-day MA (red line) and the 50.0 retracement level @ 0.9622 as key areas next.
This in turn is also dragging EUR/CHF lower despite the euro's gains today, with the pair trading back under the 1.1600 handle now.
