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USDCHF falls to new lows on some safe haven flows.


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Technicals are bearish

The CHF is moving higher with the USDCHF moving to new session lows.   It is a bit confusing as US stocks are near highs, which tends to weaken the CHF, but of course the UK politicall situation is a bit of a mess. The US imposed new sanctions on Iran.  There may be hope that US/China might get better now given the walk-back in Hong Kong, but there are no guarantees.  

What I can say, is the USDCHF has weakened technically today and perhaps that is the guiding light for the pair today.
Looking at the hourly chart above, the pair earlier in the day, rallied up toward the 100 hour MA. Sellers showed up near that area and the price moved to the 38.2% retracement and 200 hour MA (green line at  0.9840).  
After stalling for 4 or so hours, that MA line gave way and the price scooted even lower.  
More recently the 50% retracement of the move up from the August 26 low was broken at 0.98204. The price is currently testing the swing lows from August 27, 28 and 29 above and below the natural 0.9800 support level, and the 61.8% retracement of the same move higher at 0.9795.   The market, seems to be taking a breather against those levels with resistance now against the 50% midpoint at 0.98204.
The area around the 0.9800 level was a base last week. It also was near levels when the SNBs Maechler said “right now we still have plenty of room for forex intervention”   That may help to put a stall on the fall as well.  So look for buyers to lean, but I woulld expect stops on a 
momentum break of the 0.9795 level.
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