Below 200 day MA too
The USDCHF is a big mover to the downside after ISM data triggered a sharp fall in the USD.
Lookng at the dailychart, the pair reached above the parity level today for the first time since June 19. The high reached to 1.10158 which was also just above the June highs as well (by a pip or two). At the highs the pair found sellers leaning, and the subsequent fall after the ISM data, made heroes out of those risk defining sellers.
Drillling to the hourly chart below, the price shot higher yesterday after breaking above the 200 day MA (at 0.9947). Last week, the pair stlallled against the 200 day MA on both Thursday and Friday.
Today, the tumble lower moved below the 200 day MA and the 100 hour MA at 0.9947 and 0.99409 respectively. The price corrections have also been able to stay below each (in fact the lower 100 hour MA has stalled the rallies). So sellers are in control. Stay below each is more bearish.
On more weakness, the next level to get below is the 200 hour moving average at 0.99198. Below that the 61.8% retracement of the move up from last week’s low comes in at 0.9909.
Finally, the 100 day moving average (lower blue overlay line on the chart above) comes in at 0.98862. Last week the price moved above the 100 day moving average, after trading below for a few days prior.