Two key bullish moves
The USDCHF has made two key breaks today:
- New year highs. Yesterday, the price tickled the January high at 0.9845. Today, that high was broken with more momentum.
- A topside trend line connecting the December 2016 high and the November 2017 high. That trend line comes in at 0.9867 and is now a close risk level for the longs.
On the daily chart, the 61.8% of the move down from the December 2016 high comes in at 0.99012 and is the next upside target for the pair.
Drilling to the hourly chart below, the price moved above a topside trend line on April 19th and accelerated the move higher.
Today (in the last hour) and other topside trend line was broken at 0.98677 and accelerated the upside momentum. If the price can stay above, that is more bullish. If the price moves below, that would may muddy the bullish story. The reason: traders looking for a top, take advantage of the failed break of the accelerated momentum.
Until then, however, the bulls remain in complete control.
