USDCHF tumbles lower and looks toward 50% retracement

Falls below 200 hour MA, 38.2% retracement

The USDCHF tumbled lower over the last 3 hourly bars and in the process, has seen the pair use the 100 hour MA as a launch point (blue line), fall below the 200 hour MA (green line) and swing area between 0.9397 to 0.9404), and more recently the 38.2% at 0.93731.

Falls below 200 hour MA, 38.2% retracement

The next key target is another swing area between 0.9347 and 0.93489 and the 50% at 0.93426.  That area was home to swing highs and lows going back to March 23 to March 25.  

With the sharp move lower, the pair has a trading range of 85 pips vs the 22-day average of 66 pips.  So there may be some desire for profit taking. However, the sellers should show up against the broken  38.2% at 0.9373 area on a bounce if the trend selling is to continue.  There should be buyers near the 50% with stops on a break.    

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