February 2, 2023

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New lows for the USDCHF as the pair retests the swing low area

1 min read

Back below 100/200 hour MAs

The USDCHF old above its 200 hour moving average for the first time since April 5. That initially led to further buying momentum. However, when the pair entered a upper extreme area between 0.9178 and 0.91873, the sellers leaned.  The pair moved back below the 200 hour moving average and that sealed the fate for the buying attempt. It failed.

Back below 100/200 hour MAs

The fall has now taken the price to the lower extremes going back to April 16 between 0.9121 and 0.91282.  A move below those lows should open the door for further selling in the pair. 

The USD has taken a run to the downside against the major currencies as traders position ahead of the FOMC decision at 2 PM ET. All major repairs versus the USD are near the lows for the day after erasing earlier gains.

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