The USDCHF did spike higher post FOMC decision, but hit the May extremes that started at 1.0048 and moved to 1.00637. Sellers leaned. The high reached 1.00493.
The subsequent move to the downside has now reached to the lows from earlier today at 0.9961. That low is also near a wide swing area between 0.9961 and 0.99937 (see red numbered circles and yellow area).
If the price can get below that area, the rising 100 hour MA will be targeted at 0..99218. Get below it, and the door opens for other lows including the low from yesterday at 0.9872 and the broken 61.8% at 0.98653. That is also near the swing low from Monday’s trading.
This article was originally published by Forexlive.com. Read the original article here.