Low couldn’t extend below last week’s low
The USDCHF trades virtually unchanged the day after a bearish and bullish day. The pair closed at 0.9083 The current price is just above this level at 0.9084.
The pair’s initial move was lower with the pair locking in at 0.90508. It was good enough to break below the trendline a and yesterday’s low at 0.90575, but below last week’s low at 0.90481.
The subsequent upward movement has now taken the price to an uptrend line at 0.9083. Just above this level is the 100 hour MA at 0.9089. The price fell below the September 9 level and this triggered the race to Thursday’s low at 0.90481.
The high corrective price (from the September 10 low) only moved up to the 38.2% retracement at 0.9106 (also Thursday). The subsequent highs of Friday, Monday and today have been successively lower. So it is necessary to start removing the above levels starting with the trendline, the MA at 100 hours and moving from there to the highs of the previous three days (up to 0.9109).
Stay within the trendline and 100 hour MA (and we continue to see sellers in the last 4 hours so far) and sellers keep the bias and in control.