Price decline stalls
The USDCHF to the lowest level since January 11 - falling back below the parity level in the process. Yesterday, that level was broken on a way to 0.9986 before rebounding into the close. The correction into the Asia Pacific session corrected the price toward the 38.2% retracement at 1.0065 area. From there, the price decline resumed.
In the last hour the pair has gotton close to a cluster of support that includes the 100 hour MA, trend line support and the 38.% of the move up from the August low to the November high. Those levels extend from 0.9918 (38.2%) to 0.9925 (100 hour MA). The low just reached 0.9932 and bounced. The price is currently trading at 0.9957.
A continuation of a correction higher will have traders eyeing the 0.9986 level. The low yesterday stalled at that level. The corrective highs today stalled at the 0.9987 level. The 38.2% of the move down today comes in at 0.9986 as well.
