The USD/CHF pair is trading at fresh weekly lows today after hitting resistance at the start of the trading week (Monday). This upside resistance came in the swing zone between 0.9044 and 0.90565. The subsequent move to the downside tried to find support against its 100-day moving average mid-week but eventually broke through this level after some volatility following today’s US jobs report.
The past few hours have seen sellers return to the market against resistance at the 200-bar moving average on the 4-hour chart and the 100-day moving average. Both are near 0.8989. The price is trading today at 0.89568. It is also the lowest level for this week.
On the downside, the 100-bar moving average on the 4-hour chart is crossing at 0.8950. This is the next target to reach and surpass if sellers are to take further control. The 50% of the move up from the June low at 0.89383 can also be targeted. A break below this level would see traders looking towards the 200-day moving average at 0.88927.
In the video, I go into detail about this week’s price action, price action in relation to technical levels, and what to do to increase the bearish bias. Conversely, I go into detail about what might turn the bias back to the bullish.