August 28, 2024 at 12:19AM
The USDCHF extended lower yesterday – just not in the Asian Pacific session. However, what did not happen yesterday was as the price moved sideways in the early hours of the trading day, and the falling 100 hour MA started to catch up, the price could not make a push to that MA, and ultimately, sellers reentered and pushed the pair down.
That move took the price below the early August swing low at 0.84315, and although there was was consolidation above and below that level, momentum to the upside could not do much damage. By the end of the day, the price was extending to new session lows and further away from the August low. The low price reached 0.84084.
What now?
In the short term, breaking below the low from August, makes that level at 0.84315. That is the best case scenario for the sellers Move back above, and there can be some disappointment on the failed break.
The 100 hour MA at 0.8484 would be eyed on a move above 0.84315.
This article was written by Greg Michalowski at www.forexlive.com.
