USDCHF flips from more bullish to more bearish.

Like all the other major currency pairs, the USD moved higher vs the CHF soon after the US jobs reports, then reevaluated the data. The ISM services data pointed to a less positive jobs picture and growth prospects, and the price action in the USDCHF was back to the downside.

On the move higher, the pair found willing sellers against the 50% midpoint of the move down from the December high. The subsequent move lower, has now taken the price below the converged 100/200 hour MAs at 0.84865. That area is now close risk. Stay below is more bearish in the short/medium term.

The next key target comes in at 0.84504. Move below it, and the sellers take more control.

The above video outlines the technicals in play.

This article was written by Greg Michalowski at Source