USDCHF tests the Monday low | Forexlive

The USD selling has the USDCHF moving to a new session low at 0.89195. The price also dipped to a new week low taking out the Monday low at 0.89213, but only by a few pips. The price has pushed back up to 0.89294 currently, but if the sellers are to keep control, now is the time.

Technically, the high price today stalled against its 200 hour moving average (green line in the chart above). Admittedly, the price traded above and below its 100 hour moving average (currently at 0.8963), before moving lower over the last few hours thanks to the weaker then expected data from the Philadelphia Fed and leading economic index. Existing home sales were also lower-than-expected.

Yields are helping the downside as well with the two-year now down -10 basis points at 4.165%. The 10 year yield is down -6.5 basis points at 3.537%.

Later today a slew of Fed speakers will be hitting the wires including Fed Waller at 12 PM ET) who last Friday pushed the US dollar higher after saying more rate hikes were needed. Feds Mester (at 12:28 PM ET), Logan (at 3 PM )and Bostic (at 5 PM) are also on the schedule.