USDCHF
USDCHF trades to the highest level since 2000 point

The USDCHF continues its run to the upside. The pair is up

  • Four straight weeks.
  • Five days in a row
  • 11 last 12 trading days, and
  • 16 last 19 trading days

Looking at the weekly chart the price moved above the 61.8% retracement of the move down from the 2019 high. That level comes in at 0.96701. The current price is trading at 0.9693.

Going back to 2019 there were swing lows in the USDCHF between 0.9656 and 0.96935 (the yellow area and red numbered circles in the chart above). The current price is trading right at the upper end of that range.

A move above that area would be another step in the bullish direction. The 61.8% retracement is between those swing levels.

Close risk now (in the short term)would be a move back below 0.9670 and 0.96569. That wWould give some buyers cause for pause at least in the short term (with more work for increased confidence).

The price has now moved over 500 pips from the March 31 low (plus 5.44%).

Drilling down to the hourly chart below (see chart below), the high price yesterday in the USDCHF stalled near a topside channel trendline (PS the low price yesterday stalled near the lower channel trendline as well).

In the Asian session today, that upper trendline was broken and then retested in the European session before increased momentum to the upside. The ability to stay above that trendline level, gave the buyers the go-ahead to push higher.

What now?

Going forward on the hourly chart it would take a move back below that upper trendline to give the sellers additional confidence. That level currently comes in around 0.9633 and would be another target should the levels off the daily chart at 0.9670 and 0.96569 be broken.

Absent moves below those levels, and the buyers remain in firm control (and so does the trend).

USDCHF
USDCHF moved above the topside channel trendline today