The USDCHF has extended to the downside after holding the 38.2% of the move down from the mid-August high at 0.85172.
As outlined in the video from earlier today, if the price could get below the cluster of MAs defined by the 100/200 hour MAs and the 100 bar MA on the 4-hour chart between 0.8475 to 0.8478, it would give the sellers more control. .
From the post (and from the video)
There is a cluster moving averages between 0.8475 and 0.8479. If the sellers are to take more control, they would need to get below that cluster moving averages and stay below.
The break now sets those MAs as resistance.
The next downside target is at 0.8448, then 0.84315 and 0.84218, and finally, the low where most of the price action has taken place between 0.8400 and 0.8537 (at 0.8400). Move below that and look for more sustained momentum to confirm the break.
This article was written by Greg Michalowski at www.forexlive.com.
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