The USDCHF has continued its trend move higher. The pair is now up for the fifth consecutive day (closed yesterday at 0.92052).
Looking at the hourly chart, the price yesterday moved above a downward sloping trendline and above a swing high from July 27 near 0.91863.
The early trading in the Asian session today, saw the price dip down back toward that old high only to find support buyers. The price has seen increased upsidemomentum in the late Asian and European session.
On the move higher, the USDCHF moved above a swing area between 0.9220 and 0.9222 and has held that level over the last few hours. That is a close support level intraday. Stay above keeps the buyers in control and the sellers on the outside hoping for more of a correction.
The price is currently testing swing highs from July 19 in July 20 near 0.92317. Above that and traders will start to target the extremes from July at 0.9240 and up to 0.92676.
Drilling to the five minute chart below, yesterday the corrective moves found support near the rising 100/200 bar moving averages (blue and green lines) before racing higher in the North American session.
After the dip in the early Asian session today, the price did ultimately move below the 100 bar moving average (blue line) but found support buyers ahead of the 200 bar moving average.
Going forward, staying above those 5-minute moving averages keeps the buyers in firm control. Also, the 38.2 – 50% retracement of the trend move higher today comes in between 0.9219 and 0.92148. That area is also intraday/close support.
Until the sellers can push below those levels, the trend remains the same(to the upside). Move below, and traders may start to anticipate more downside probing toward levels passed on the march higher.