Trend move higher continues
The USDCHF just moved above a topside trend line on the weekly chart connecting highs from July 8 and November 11 weeks at 1.0205. It is the next progression for the pair as the bull move continues.
Looking at the weekly chart, the price has been up 4 weeks in a row (this is the 5th week). Last week closed at 1.0139. The high just reached 1.0215. The pair based last at 0.98938 in the week of March 17th before starting the bull trend higher. The pair got a big boost last week after SNBs Jordan said over the weekend coming into the April 15th week, that the central bank would be willing to cut rates and/or intervene. It has been a steady run higher since that time.
Drilling to the hourly chart, the bullish run was helped today on the break of a topside trend line on the hourly chart at 1.0178. In a trending market ignore technicals at your own risk.
Speaking of risk. Close risk for longs is now at the broken trend line on the weekly chart at 1.0205 (might give to 1.0200). A move below would muddy the waters just a bit (has to stay below). Below that the broken trend line on the hourly chart at 1.0178 will be eyed. Staying above each, is really keeping the bulls more in control and keeps the trend alive.
