The USDCHF trades to new session highs and back between 100 and 200 hour moving averages
The USDCHF has moved back above its 100 hour moving average at 0.91328. That move is also taken the price above the swing low from October 6 and a swing high from October 9 (area between 0.91326 and 0.91367). The high just reached 0.91426. The moving average would now be a risk defining level. Stay above is more bullish.
On the topside, the next target comes in at the 200 hour moving average at 0.91535. That would be the next major target on the topside. It is followed by a swing area, downward sloping trendline and 38.2% retracement up to the 0.91653 level. Ultimately, if the pair is to continue its corrective move to the upside, getting above that area between 0.9153 and 0.9165 would need to be broken.
Buyers are making a corrective play in the USDCHF pair. The move has taken the price above the high from yesterday (step 1) and the 100 hour MA (blue line). Those are the bullish tilts, the buyers are focusing on. Having said that, there is more upside targets that would need to be broken to give the buyers more control. Get above them, and the corrective move can continue probing higher.
