A new low level going back to January 2015
The USDCHF trade to the lowest level since the week of January 25, 2015 last week at 0.88849.
Today the price corrected higher in the fall to the downside over the last 5 hours and trades to a new session low – and new low going back to that same week in January 2015. The price has traded to 0.88745 so far today.
Looking at the hourly chart above, the price correction sniffed the 100 hour moving average (blue line) but found early sellers. The price moved back below and old trendline currently at 0.89074. Stay below that level keeps the sellers more control.
This article was originally published by Forexlive.com. Read the original article here.