November 19, 2024 at 04:37PM
The USD is tilting lower in the US session and that has the USDCAD and the USDCHF moving below a technical level increasing the bearish bias at least in the short term.
For the USDCAD, the price has moved below the 200 hour MA at 1.3977 and also the 2022 high price at 1.3978. Breaking below those levels could give the buyers cause for pause and lead to more downside probiing with the 100 bar MA at 1.3942. Near that level is also the high price from earlier this year (August) at 1.39458. If the price decline can get below those levels, it would give the sellers more control.
For the USDCHF, it moved below its 200 day MA at 0.8819 and also a swing area between 0.88187 adn 0.88267. Staying below that area keeps the sellers in play at least in the short term.
On the downside the low today did stall near the 50% midpoint of the range since July at 0.87986. Getting below that level will add to the short term bias and give the buyers some cause for pause.
This article was written by Greg Michalowski at www.forexlive.com.
