Working on the 4th day higher.
Four days ago, the USDCHF bottomed at 0.9855 and eked out a small gain. Three days later we traded up to 1.0094. That is a decent 240 pip move. With a close above 1.0073 today, it will be the 4th day higher.
Looking at the daily chart, the price moved above the 100 day MA and trend line yesterday. Today, that broken trend line held support on the dip, based and moved higher. Buyers/bulls remained in control.
We have traded above and below the 50% of the move down from the December high at the 1.00778 level. We currently are trading at 1.0083. The next target comes in at the 1.01067 level (high from April). Above that and the 1.0140 will be targeted (61.8% of the move lower).
Looking at the 5 minute chart, the correction low today also stalled near the 38.2% of the low from yesterday's trading (at 1.00467). Buyers once again showed there desire to keep control.
Now....is everything so bullish? We just made a new high but not for long. Realistically, however, the market is somewhat dull today. No one promised a rose garden. Nevertheless, if the price can remain above the 100 and 200 bar MAs on the 5 minute chart (blue and green lines), and close above the 1.0073 level (close from yesterday), it is still a step in the bullish direction.
