USDCHF moved up 224 pips from last Wednesday's low
The USDCHF bottomed on Wednesday last week at 0.90178 and raced up 224 pips with five days of gains that culminated in reaching a new cycle high for the move higher at 0.92414 today.
Like other pairs, the price of the USDCHF moved lower after the CPI data today (lower USD). The break to the downside has seen the price move below swing levels at 0.92317, and 0.9222, but also has found support near another old swing area between 0.9199 and 0.92026 (call it 0.9200). The low today reached 0.92018 - just above the low of the swing area and natural support at 0.9200. The price currently trades at 0.92131.
On the topside, traders will now be eyeing the 0.9222 area as intraday resistance (see blue numbered circles in the chart above). Stay below and there could be further downside probing, with a break of the 0.9200 level key.
If that level can be broken, traders would look toward the underside of the broken trendline (which took place during Monday's trade) at 0.91722 area. That line also corresponds with the broken 61.8% retracement.
The rising 100 hour moving averages (blue line currently at 0.91648) is also starting to move toward that level.
Absent a break of the 0.9200 level, along with a move back above 0.9222, would have traders gearing up for another test of the highs for the day (at 0.9241), followed by the July high at 0.92676 as another obvious upside target.