The USDCHF runs away from 100/200 hour moving averages.
The USDCHF is traded to a new session lows and in the process, is making a run away from its 100/200 hour moving averages (blue and green lines at 0.8898 and 0.8891 respectively). The pair in the New York session has been able to stay below the higher moving average (at 0.89983). In the London session, the price did extend above that level, but could not sustain momentum.
The low has moved toward a swing low from Wednesdays trade last week at 0.8969. A move below that level. What have traders looking toward a an old swing low floor between 0.8953 and 0.89559. There have been a number of swing lows in that area going back to May 18.
Admittedly there’s also been some breaches of that area on May 25, May 26 and again last week on June 1. However, after breaches, support was reestablished against the area (see green numbered circles 9, 10, and 11) – keeping the level as a key target and swing area.
For now, the bias is negative as long as the price can remain below the aforementioned hourly moving averages. The key target would be to get below 0.89531 now (and stay below that level). If that can be done, breaking below the May lows at 0.8939 and 0.89299 would be targeted.