Flight into the safety of the CHF
The USDCHF is finding some safety bids into the CHF. As a result, the USDCHF is hitting fresh session lows.
In the process, the pair is testing the key 100 day MA (see blue line overlay at 0.9970). The low has reached 0.9972 so far. A lower trend line is also being tested.
Key level for sellers (as a target) and dip buyers. That tends to attract both traders that slows the fall (look for dip buyers and sellers taking profit). However, on a break, the price should go lower (stops triggered).
Looking at the daily chart below, not only is the 100 day MA being tested, but the 38.2% of the move up from 2019 low at 0.99676 is also nearby. At the end of February, the price fall below the 100 day MA intraday, but closed above and moved higher.
