Tests swing area and 61.8% at 0.8978 to 0.8982
The USDCHF is also racing higher after the much better retail sales and PPI data this morning. The price has moved up to the 61.8% retracement of the move down from the February 5 high. That comes in at 0.89783. There is also a swing area going back to February 3 through February 9 that is around the 0.8982 level.
A break above would have traders looking toward another key technical level. The 100 day moving average early comes in at 0.89939.
Taking a look at the daily chart below, the price in early February did move above the 100 day moving average (blue line in the chart below), and closed above for one day before rotating back to the downside.
Prior to that failed break, back in November the moving average was tested and found sellers (see blue line) and before then, the price had not been above the moving average since May 2020.
As a result any move above the moving average would be more bullish as lows price can stay above.
