The USDCHF is trading higher and has stretched to a new high for the week in the last hour or so of trading. Earlier this week, the price moved below the 50% of the move down from the November high at 0.8000, but could not sustain momentum below that level. The sellers had their shot. They missed.
The move higher yesterday and again today, was helped by better Michigan Sentiment and that pushed the price back above the 100 hour MA at 0.80376, tilting the bias higher as we head into the week end.
Going forward, if the price can remain above that 200 hour MA, the bias and control remains to the upside. The target would look to extend above a swing area between 0.80666 and 0.8076.
Stay above that and traders can target higher levels including the highs reached in November.
On the downside a move back below the 200 hour MA and then the 100 hour MA at 0.8024, would shift the bias back to the downside for the USDCHF pair.
