Falls below 200 hour MA, 38.2% retracement
The USDCHF tumbled lower over the last 3 hourly bars and in the process, has seen the pair use the 100 hour MA as a launch point (blue line), fall below the 200 hour MA (green line) and swing area between 0.9397 to 0.9404), and more recently the 38.2% at 0.93731.
The next key target is another swing area between 0.9347 and 0.93489 and the 50% at 0.93426. That area was home to swing highs and lows going back to March 23 to March 25.
With the sharp move lower, the pair has a trading range of 85 pips vs the 22-day average of 66 pips. So there may be some desire for profit taking. However, the sellers should show up against the broken 38.2% at 0.9373 area on a bounce if the trend selling is to continue. There should be buyers near the 50% with stops on a break.
