USDCHF stretches to within a few pips of the 200 day moving average at 0.86204

The USDCHF is extending its decline, hitting a new session low of 0.88247 after earlier bouncing from 0.88269 to 0.88612 before rotating lower again. The pair is now approaching a key technical level—the 200-day moving average (0.88203)—which has not been breached since December 12.

A decisive break below this level could intensify selling pressure, with the next downside target in the swing area between 0.8794 and 0.8799. Further support lies at the 50% retracement of the September 2024 rally, located at 0.87868. If momentum continues to the downside, these levels will be critical in determining whether buyers step in or if the bearish trend accelerates further.

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