The USDCHF sellers remain in control from longer and shorter term perspective. Here's why.

<p>The USDCHF sellers remain in control from a longer and shorter-term perspective.</p><p>Looking at the weekly chart above, the price for the USDCHF broke below its 2021 low-level last week at 0.87568, and has remained below that level since breaking. The break lower took the USDCHF price to the lowest level since 2015. </p><p>Other resistance off the weekly chart, now comes against the 2014 lows near 0.86959. It would take a move above the 0.86959 to 0.87568 area to give the buyers some hope in the longer term. Absent that, and the sellers remain in firm control.</p><p>Drilling down to the hourly chart, the price of the USDCHF fell below its 100-hour moving average on July 6, and retested that moving average on July 7 before starting its trend moved to the downside. </p><p>That move took the price of the USDCHF from 0.8970 to the low price reached today at 0.85542. Along the way lower, the price of the USDCHF has not been able to get back above its falling 100-hour moving average (see blue line on the chart below). That moving average currently comes in at 0.86119. </p><p>A move above that level is required to give short-term buyers some hope. Absent that, and the buyers are not winning. The 0.8630 highs from Friday and yesterday will also be targets that would need to be broken to give the buyers more control (and victories vs the sellers).</p><p>To view the video of the analysis, click on the video below.</p>

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