The USDCHF has moved lower with the dollar selling on Friday due to the surprising NFP figures. It’s in the process to moved below and away from both the 100 and 200 day moving averages. The price has has trended down to a low of 0.9077.
The US Dollar has smashed to multi-month lows with the index threatening a break of yearly slope support. From at trading standpoint, look to reduce short-exposure / lower protective stops on a test of the yearly open – rallies should be capped by this week’s high IF price is indeed heading lower.
Seeing at the daily chart, the next target area comes between 0.8978 to 0.8998. That level is home to several swing lows and highs. Get below that level and it opens the door for further downside potential.
We remain Bearish on the USDCHF pair.
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