The USDCHF moved sharply lower after the US CPI data as the USD reacted to lower rates and the expectations of 2 cuts by the Fed in 2024.
The move lower ticket price to the 61.8% retracement of the recent move up from the June low to the July high. That level comes in at 0.89116. The subsequent rise has taken the price back to the 50% retracement of the same move at 0.8938. That level up to 0.8950 is now is resistance.
The 0.8941 to 0.8950 represents the 38.2% and 50% retracement levels of the trend move lower today. Staying below those levels shows that sellers remain in control.
This article was written by Greg Michalowski at www.forexlive.com.
