The USDCHF has traded higher this week. Yesterday, the run higher took the price above a key cluster of technical levels including the 200 bar moving average on the 4 hour chart (Green line on the chart below), the 50% midpoint of the most recent trend moved to the downside (at 0.8000 level), and the 100 bar moving average on the 4 hour chart (blue line on the chart below). That open the door for further momentum and the price moved up to a swing area target between 0.8066 and 0.8076.
Going back in time, the price of the USDCHF has spent most of the time going back to mid August between 0.7871 and 0.8076. The run higher is testing that upper extreme.
Buyers and sellers are battling out at the area today with the high price extended to 0.8076. The current price is trading at 0.8061. Sellers sellers are leaning. As long as the price remains below the upper extreme, we could see a rotation back down toward the 61.8% retracement 0.80295 and or, the rising 100 bar moving average at 0.80204.
