The USDCHF is following the USD higher. The pair has reached a new intraday high of 0.9263 in the last hour of trading. That is just shy of the 50% midpoint of the move down from the November 24 high at 0.92652.
Looking at the hourly chart, the 0.6264 to 0.62684 is a swing area to get above (see red numbered circles). Above that are swing highs from November 29 than December 7 at 0.9272 and 0.92746 respectively. That combined swing area has been a ceiling for the pair going back to November 26. Needless to say getting above those levels would open the door for further upside momentum/potential.
Technically, the pair today moved above a downward sloping trendline connecting recent highs, and also snapped the pattern of lower highs. Also of note is that yesterday the pair broke above both the 100 and 200 hour moving averages (they were near converged at the time) and retested those levels both in the New York afternoon session and in the opening trading hour today. Staying above was positive/bullish, and gave traders the go-ahead to push to the upside.
