Back below 1.0900
The price of the EURCHF are trading to new session lows on the day and in the process is trading at the lowest level since February 23. Looking at the daily chart, the price also is extending below its 50% midpoint of the move up from the November swing low to the March swing high. That level comes in at 1.09054. The current price is trading at 108.911. The next key target on a daily chart is the 200 day moving average at 1.08716.
Drilling to the hourly chart below, the price action today saw a spike higher that found resistance near its falling 100 hour moving average (blue line at 1.0925. The current MA level is at 1.09218). The high price reached 1.09256 before rotating back to the downside.
The high price today also entered into a swing area between 1.0923 and 1.0930. Staying below that swing area, AND the 100 hour moving average kept the sellers more control. Going forward it would take a move back above those technical levels to tilt the bias more to the upside.
This article was originally published by Forexlive.com. Read the original article here.