Cracks below the 2019 low at 0.96457
The USDCHF has fell to the lowest level since September 2018. The price today has moved below the August low at 0.96589 and the low from December 31 at 0.96457. The currency continues to strengthen after the US put Switzerland on the watchlist as a currency manipulator in trading yesterday.
If the price is able to stay below the 0.9645 to 0.96589 area, the sellers remain firm control and we can expect further slide to the downside. Looking at the daily chart the 61.8% retracement of the move up from the 2018 low to the 2019 high comes in at 0.95869. That would be a lower target going forward.