USDCHF enters critical zone as selling pressure mounts ...Middle East

This week, the 100/200-hour moving averages and the 100/200-bar moving averages on the 4-hour chart were all breached, reinforcing the downside momentum. Today, USDCHF is down -0.55%, reaching a session low of 0.8971, which tested a key swing area between 0.8965 and 0.8974 (see green numbered circles on the chart). Currently, the price is modestly above that level at 0.8981, making this zone a key support area where traders may look to buy with a stop below.

The key question heading into the weekly close is whether the bearish momentum can sustain itself and drive the pair lower. Buyers will be looking to defend current support, while sellers will be eyeing a confirmed break for another leg down. This remains a crucial technical level for both sides.

This article was written by Greg Michalowski at www.forexlive.com.

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