USD/CHF sellers are finally back in control after flirting with the key near-term support level since overnight trading
Sellers have been trying to establish near-term control since yesterday as they test the 200-hour MA (blue line) but they have finally managed that today and we’re seeing price looking to extend lower now with USD/CHF touching a low of 1.0172.
There is some near-term support from the 24 April low at 1.0169 but upon a break of that level, sellers will be able to extend a move to the downside as the near-term bias is now more bearish once again.
I don’t see much catalyst for the move here as markets continue to stay rather quiet on the session. However, the dollar remains a tad weaker still so perhaps there are some traders trying to work with that amid thin liquidity conditions this morning.
The key line in the sand now for a downside break is that 1.0169 level so keep your eyes on that as we navigate through the session.