Support holds on the test.
The CHF as a safe haven, has given way to the USD over the last few days of trading. The low came in on Monday at 0.91747. The last two days saw the price base in the 0.9309 to 0.93237 area, but remained below a topside trend line (see red numbered circles).
Later today, the price moved above the trend line and survived one bar below the level before moving higher.
The run to the upside in the New York session took the price above the 38.2% retracement of the move down from the February 21 high. That level comes in at 0.94319. The price is also extended above its 200 hour moving average at 0.9435 currently.
The dip over the last hour so of trading has seen the 200 hour (green line) and 38.2% retracement level retested. However, buyers have leaned against it on the 1st look. Stay above that level going forward, and the bulls for the pair remain more in control.
On the topside, the pair did extend above swing levels going back to March 2 through March 5 (see topside yellow area). Momentum faded and the price corrected down toward the 200 hour moving average. It will take a move back above the 50% retracement and the swing levels at 0.9511 to 0.95423 in order to give buyers even more control.
