The USDCHF is keeping a bearish bias in trading this week with most of the price action through the 1st 2 trading days below its 61.8% retracement of the move up from the July low to the early October high. That level comes in at 0.88186. Staying below that level keeps the sellers more in control.
On the downside, more momentum would have traders looking toward a swing area between 0.8728 and 0.8743. That area is home to a number of swing lows and highs going back to July and August before the run to the early October high.
So the sellers remain in control. Close risk is the 61.8% retracement. The next target below has traders looking toward swing area support between 0.8728 – 43.