USDCHF makes a break for it. Falls below 200 hour MA and finds sellers. | Forexlive

The USD/CHF pair moved higher during the Asian-Pacific session, briefly breaking above a key swing area between 0.8794 and 0.87995 (rounded to 0.8800). The high of the day reached 0.88035 before reversing to the downside.

The failure to sustain momentum above 0.8800 triggered a move lower, with the price retesting the 200-bar moving average on the 4-hour chart at 0.8780. A subsequent bounce lifted the pair back into the swing area, but sellers held firm.

During the U.S. session, downside momentum accelerated as the price broke below the 200-bar moving average at 0.87804, pushing the pair to a low of 0.8758.

Looking ahead:

• Next support: 61.8% retracement of the November trading range at 0.87452.
• Immediate resistance: Swing area between 0.8772 and 0.8776.

Sellers are more in control thanks to the technical move lower today, and the sellers near the 0.8800 level today.