The USDCHF traded at new high levels today. The last time the price traded at today’s levels was September 9, 2013. Yes one year ago to the day (is that ironic?)
The last time the USDCHF traded this high was a year ago.
Over the last few months, the price of the pair has been moving higher with the dollar and in the opposite direction of the EURUSD in order to keep the EURCHF range bound. Last week, the pair accelerated the move to the upside, failing to stall against what would be channel resistance (see daily chart above). Yesterday, the price tested that line- before moving higher.
The market is rotating back lower now, and is back down looking to test that line at the 0.9312 level (see chart above). Keep an eye on the level. I would not say it is best of technical levels but….perhaps it is something to influence the bias just a little more.
Looking at the 5 minute chart below, the price has fallen below the bottom trend line connecting lows from trading today. It also is back below, what was a ceiling in trading yesterday before the surge higher (at 0.9328). This is now close resistance.
The move below the 0.9328 level is now close resistance.
One thing to be aware is that the low yesterday was 0.9305. Today we made new highs for the year (for multi year). If we are able to close below the low from yesterday, that would be an outside day, lower close after making new multi year highs. That might not sit well with other technicians out there who live for those failures (I could like it too).
