Year low at 0.9691-93 is the key lows.
The USDCHF is lower today on the back of flight to safety flows, and the pair is scraping along recent lows and 2019 lows as well.
Looking at the daily chart above, the June low came in at 0.96934. The January low reached 0.9715.
There were three lows last week that stalled at 0.9603 on Tuesday. On Wednesday a new 2019 low was reached at 0.96915. The Friday low reached 0.97085. Today the low reached 0.96994. So the 0.96916 to 0.9715 is a swing area that is trying to hold support. We currently trade at 0.9703.
Drilling to the hourly chart below, the pair sits in the swing area from the daily chart.
On the topside, the highs from Friday and again to day, did trade briefly above the 100 hour MA at 0.97447. If the price is to base again and move higher, gettting (and staying above) the 100 hour MA would be needed dig the USDCHF out of the bearish hole. Absent that, the sellers are more in control still.
Can/will traders buy the dip? The hope is that the bounces of the past will happen in the future. However, if the lows are taken out, I would expect the dip buyers to turn to sellers. For the buyers. get and stay above the 0.9715 is step 1. Then the 100 hour MA will be the next major target…