Forex technical analysis: USDCHF falls into the London fixing

Falls below intraday MA and scooted lower

Was it a break of MAs or some flows from the London 4 PM fixing?

Who knows, but going into the fixing, the price of the USDCHF saw the price move below the 100 and 200 bar MAs on the 5 minute chart and the price fell another 20 pips to the the 0.9620 area. That level was a corrective low in yesterday's trading. The price is trading back up at 0.9628 but there is more bearishness from the break.

Taking a broader look at the daily chart, the USDCHF is trading at the lowest level since September 20. The pair is below the 61.8% at 0.96561 and looks toward the swing low from June 2017 at 0.96129. A move below that level (it was broken yesterday but failed), will target yesterday's low at 0.96049. A move below that level, opens up the downside for more selling.

Let's block ads!(Why?)

Read Again Forex technical analysis: USDCHF falls into the London fixing : http://ift.tt/2DbcSM2

Let's block ads! (Why?)