New highs since January 15 SNB depeg
The USDCHF is trading at the highest level since that historic day when the SNB depegged the EURCHF and the pair tumbled (Jan 15, 2015). The previous high price came in at 1.01262 on March 12, 2015.
The last seven hours has been able to stay above the level and the pair is trading near the high level for the day at 1.1055. Yesterday, the pair bounced off the 100 hour MA (blue line in the chart below). On Friday, the pair bounced off of the 200 hour moving average (the green line in the chart below). Both are bullish developments.
Looking at the 5 minute chart, the pair corrected in the NY session and bounced near the 100 bar MA (blue line in the chart below). The low price was also very near the high price from March 2015 at 1.0126 (the low traded at 1.10125 - see chart below). Close support today (for those looking for a bigger trend break higher) comes in at 1.0140-44 (see chart below). Of course, more important support will be against the 1.0125/26 area.
