USDCHF retraces the February run higher.
The USDCHF moved sharply lower yesterday with the pair reaching to a low of 0.90706. That was within about 12 pips of the low from early February at 0.90586. Just last week the USCHF was testing the highs (and the 100 day MA as well). The move from the high to the low took the pair down -369 pips in about 3 trading days.
The move off the low was fairly quickly, but the price action has been mostly contained to 0.9094 and 0.9144 (between the red lines). Admittedly, there has been extremes over the two days that took the price down to 0.90706 and up to 0.9164.
Move above 0.9144 or below 0.9094 would have traders looking toward the swing area above between 0.9157 and 0.9165 (as the first target – with the 0.9200 as the next target), or down to the lows for the month.