The USDCHF is down around 0.87% on the day as sellers follow the broader US dollar lower after Fed Governor Christopher Waller’s more dovish comments. The video above provides education and technical knowledge about the price action seen in the pair both yesterday and today as the price tumbled. Technically, the move has taken the price below its 100 hour moving average near 0.8100 and its 200 hour moving average near 0.8070.Those breaks put the sellers in control. However, the story started yesterday when the buyers had their shot—and could not sustain the break.The price extended above a swing area between 0.81383 and 0.81513, reaching a high near 0.8158. That area has acted as both support and resistance on the chart, making it an important barometer for traders. Moving above it gave buyers an opportunity to take more control. Staying above it was the next requirement.That did not happen.The price quickly rotated lower and fell back below 0.81383. The upside breakout failed. Buyers who entered on the break higher were suddenly holding positions that were moving against them, while sellers had a technical reason to lean against the area.The educational point is that a break above resistance is only the first step. The price needs to show it can stay above that resistance. When it cannot, the failed break can fuel a move in the opposite direction as buyers exit and sellers become more confident.That downside momentum intensified today. The break below the 100 hour moving average weakened the bullish picture further. The subsequent move below the 200 hour moving average gave sellers another technical victory.What now?The price is testing and dipping below the lower boundary of a swing area between 0.8055 and 0.8070. Traders are taking a shot at a downside break, but just as yesterday’s upside break needed follow-through, today’s downside break needs it too.Stay below 0.8055, and the door opens for a move toward the next swing area between 0.8006 and 0.80178. On a move lower, traders would encounter 0.80178 first, followed by 0.8006. Those are targets to get to—and through—if sellers are to extend their control.On the upside, the 200 hour moving average near 0.8070 becomes a close risk-defining level for sellers. It also sits near the top of the current swing area, giving traders two technical reasons to watch that level.A recovery above 0.8055 would suggest the downside break is struggling. A move back above 0.8070 would weaken the sellers’ control and put the 100 hour moving average near 0.8100 back in focus.For beginning traders, that is how the technical tools help. They do not guarantee the next move. They provide levels against which to judge the price action and define risk.Yesterday, the buyers had their shot and missed. Today, the sellers have control. Staying below the 200 hour moving average preserves that advantage. Getting and staying below 0.8055 would give them the next push. This article was written by Greg Michalowski at investinglive.com.