...topside trend line and old highs about to get in the way
The USDCHF is up on the day after breaking below and then above the 6 day trading range.
The break today is taking the pair away from the 50% of the move down from the November 2015 high. That level comes in at 0.9885. Bullish.
However, the pair is heading up to trend line resistance at 0.9939 currently. Above that and the July high at 0.9949 and May high at 0.9955 are also topside targets/resistance.
Do those levels get in the way? I would expect that some traders would look to lean on the test with stops above. However, the move away from the range and away from the 50% is bullish news for this pair. So I would not be surprised to see another break and run with a test of the 1.0000 level on the horizon.
