The greenback is still lower versus the JPY and the CHF, but well off the lows.
GBPUSD: The GBPUSD has reached and moved below the 100-hour moving average (blue line) at 1.37157. Stay below the level and traders will start to look toward 1.3673 to 1.3683 area. Below that level and the high price from June 24 at 1.3647, and the 38.2% retracement of the move up from the June 23 low at 1.3628 become the focus for sellers, and all would need to be broken to increase the bearish bias and give sellers more control technically.
USDCHF: The USDCHF moved to another new low going back to 2011. Looking at the hourly chart the low did test a lower trend line and bounced. The price is back toward the close from yesterday near 0.7930. Move above that level, and the focus looks toward the low from June 27 and 0.7957, and above that the falling 100 hour moving average of 0.79829. The price would need to get about each to give the buyers more confidence, and control.
This article was written by Greg Michalowski at www.forexlive.com. Read More Details
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