USDCHF sellers lean against resistance at a swing area on the weekly chart. What next? ...Middle East

The low reached this week, reached a new low going back to 2011 down to 0.8038. The price this week then started its rotation back to the upside.

The price has since rotated back down and currently trades at 0.8292. Sellers against the level are benefiting from the rotation to the downside.

If that momentum can continue, getting below 0.8269 and staying below that level is my first major target. Below that and traders will look toward a swing area between 0.8230 and 0.8239 followed by the rising 100 hour moving average of 0.82163 and rising 200 hour moving average of 0.81898.

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

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