New lows for the day
The USDCHF is is trading to a new session low and in the process, is testing the swing lows from last week between 0.8953 and 0.89599. The low just reached 0.89568.
Earlier today, the buyers try to take control by cracking the 100 hour moving average. Recall from Friday's trade that moving average was tested at the session highs, but quickly moved back lower, keeping the sellers firmly in control. The failed a break today is also indicative of a reluctance to move higher in the pair. Sellers remain in control. A move above - and staying above - is needed to show the buyers are taking more control from the sellers. Absent that, and the buyers are simply not winning.
Taking a broader look at the daily chart, the pairs high today tested the swing area between 0.8978 and 0.8998. The high for the day reached 0.9001 just above the high of that swing area. That too is bearish.
On more weakness watch the 0.89248 area as potential support (swing area from December and January). Below that and the swing low from February 16 at 0.8871, and a swing low from January 22 at 0.88379 would be targeted.
