Sellers in the USDCHF remain under pressure
The USDCHF last week trended higher. On Wednesday, the price extended above a topside channel trend line (and above a swng area going back as far as Feb 14). It has remained above those levels. The trend line is currently at 1.01208 and moving higher. It is near the swing high from March 7 at 1.01234.
Stay above that area on any dip, keeps the bulls more in control. Putting it another way, the sellers would need to move the price below that area at a minimum to tilt the bias a little more to the downside. Absent that, the buyers are in control.
On the topside, seller itching to pick a top, might look toward the high at 1.01588, and then the topside trend line at 1.01788. A run toward the topsdide trendline might give sellers a low risk level to lean against (with stops on a break above).
Looking at the daily chart there is an interim level between those two levels. The high from March 5, 2017 comes in at 1.01693. That level - along with the topside trend line at 1.01788 may be enough to slow the rally, with defined and limited risk (i.e., stop above the 1.01778).
