The USDCHF has been experiencing a downward trend this week, hitting new lows after facing resistance earlier in the trading week. The currency pair reached a high between 0.9044 and 0.90565 before starting its descent. Despite attempting to find support at the 100-day moving average, the USDCHF broke below that level following some volatility after the US jobs report.
Sellers have been active in the market, pushing the price down to 0.89568, which is the lowest point for the week. Currently, resistance is seen near the 200-bar moving average on a 4-hour chart and the 100-day moving average, both around 0.8989. The next target for sellers is the 100-bar moving average at 0.8950, with a possible further decline towards the 50% of the move up from the June low at 0.89383. If the bearish momentum continues, traders may look towards the 200-day moving average at 0.88927.
In a video analysis, the price action for the week is discussed along with the technical levels. The video also outlines the necessary steps to strengthen the bearish bias and what factors could potentially shift the bias back to the upside.
