USDCHF falls to new lows as USD weakens – ForexLive

Falls back toward 100 hour MA

The USDCHF has fall to new lows as the US dollar weakens.  The price low has now reached 0.94799. The pair is approaching the 100 hour MA at 0.94719.

Falls back toward 100 hour MA

Recall on Friday, the price moved back above that 100 hour MA (fell below it on Monday June 8th) and that led to a run to 0.95526. That high took the price above the 200 hour MA (green line) but stalled just short of the 50% retracement at 0.95554. Today, the price did extend back above the 200 hour MA (and topside trend line) but the break quickly stalled and reversed (the price also could not get to the 50% level). 

With the 100 hour MA looming below, there may be some dip buying/profit taking against the MA level (with stops on a break below).  On a move higher, the 38.2% of the move down from the May 25 high, comes in at 0.95129.  

For bank trade ideas, check out eFX Plus 

Leave a Reply