Since then, the pair has ripped off six straight-up weeks that have seen the pair move from a low of 0.9194 to a high on Monday at 1.00637.
This week, as mentioned, the USD/CHF pair did make a new cycle high yesterday but closed lower. Today the pair is down again.
The USD/CHF is on a 3-day losing streak with modest declines on Friday and yesterday. Still, a more significant downside moves lower today.
Buyers are giving up on the failure to reach new highs yesterday and the move back below the close from last week at 1.0018 (a lower week for the 1st time after six weeks of gains).
PS the close at 1.0018 was between a swing area going back to 2019 (see red numbered circles and yellow spot on the weekly chart above) between 1.00137 and 1.00270. Bearish.
Is There a Closer Risk Level?
Drilling down to the hourly chart below, today’s price action started to “kick the can” to the downside with more momentum. With the move, some key technical levels were broken.
The early catalyst was a break below the 100-hour MA (blue line currently at 0.9996). The pair then tested a swing area between 0.9961 and 0.9974 before taking another step lower, bringing the price below the 200-hour MA (green line), currently at 0.99484.
