The USD is trending decrease within the early U.S. session, and the USD/CHF is not any exception. Technical components are reinforcing this transfer, with sellers stepping in on the key 100-hour shifting common (MA), situated at 0.9112. The pair examined this stage a number of instances on the hourly chart however failed to interrupt above it, prompting a reversal to the draw back.
At the moment, the worth is testing help on the 0.9077 stage. A sustained transfer under this level would open the door to additional draw back targets, beginning with the day’s low at 0.90507. Past that, the following vital stage is the 38.2% Fibonacci retracement of the December low to January excessive rally, sitting at 0.90209. If sellers can push and maintain the worth under this retracement, it could sign a shift towards stronger bearish management.
Nevertheless, till the 38.2% retracement is convincingly damaged, the present decline stays a regular correction throughout the broader development. For now, sellers have the higher hand under the 100-hour MA, however additional draw back targets have to be breached to solidify the bearish bias in each the brief and medium time period.