Corrective rally stalls
The USDCHF is one of the weaker currencies of the day, and in the process has moved below the 50% retracement at 0.96267 and a lower trend line at 0.9629 area.
The price just corrected of the day lows (of 0.9611) and reached 0.96297 – less than a pip above the broken trend line. Close enough. The sellers are keeping control.
The area remains a close risk for the sellers. Stay below is more bearish. Move above and intraday bias could be turning around on the failed break. The 100 bar MA on the 5-minute chart at 0.96345 (and moving lower) will also be a level to get and stay above if the low is in place. Until then, sellers in control.
Admittedly, the price is not running, and if you look at the 5-minute chart, the pair has moved above the channel topside trend line. That may give the trading more of a two-way price action. There could be buyers against the low (and the underside of the broken trend line) But, if those levels are broken, I would expect those dip buyers to give up and exit (sell).