38.2% at 0.89626. The high reached 0.8963 so far today
The USDCHF has moved up to a high price of 0.89639 today . That was just above the 38.2% retracement of the move down from the September high to the January low at 0.89626.
Move above that level going forward, and it increases the bullish bias with 0.8978 to 0.8998 as the next target followed by the falling 100 day moving average at 0.9013. The price of the USDCHF is not traded above the 100 day moving average since May 2020. Back in November, the price tested the moving average line only to find sellers against it.
Drilling to the hourly chart below, the price action today broke above recent ceiling levels between 0.89166 and 0.89249. The breaking of that area increase the bullish bias and the price shot higher. For close support watch the 0.89382 to 0.89443 area. That is the 38.2% to 50% retracement of the move up from the last swing low today (see hourly chart below). A more conservative area to stay above would be the break area between 0.89166 and 0.89249. With all the swing highs against that area, a move back below it would surely disappoint the longer term break buyers today
