The USDCHF is failing on the break higher from earlier this week today. The weaker US retail sales has sent the pair lower.
Technically, the price broke below a swing area between 1.3526 and 1.35428. The fall took the price all the way to the 200 day moving average at 1.34788 and its 100 bar moving average on the four hour chart at 1.34681 where support buyers stepped in to stall the fall. Getting below those levels is needed to increase the bearish bias.
Until then, buyers and sellers will battle between the moving averages below, in the swing area above (between 1.3526 and 1.35428).
The video above will explain in detail the technical driving this currency pair.
This article was written by Greg Michalowski at www.forexlive.com. Source