Moves to highest levels since March 23
The USDCHF has moved to new high levels going back to March 23 – taking out the highs from March 31 and April 1 in the process at 0.9741 and 0.9755 (see chart below). The price is currently testing topside channel trend line resistance (see chart below).
This trend line may slow the upside momentum. However, traders will need to see any rotation off that high come back below the 0.9755 and 0.9741 levels to have confidence that a rotation and more serious correction lower is in the cards. This after all is a trend move higher. Key test at the highs.
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