The USDCHF is trading to new lows as the price falls below the 200 hour MA (at 0.8056) and tests/breaks the 38.2% at 0.80475. The low price reached 0.80435.
The fall comes after Switzerland says that they are close to a deal with the US on a new tariff rate. The current rate is 39% . The new rate would be 15%. There is still the potential for issues.
If the price can now stay below the 200 hour MA, the sellers remain in control. The next target is the 50% at 0.8024, and below that 0.8000.
Sellers making a play technically, helped by some fundamental support.
The video above, will outline the technicals that tell the story.
This article was written by Greg Michalowski at investinglive.com.