USDCHF stretching toward its 200 day moving average
New highs. 200 day moving average just ahead at 0.9952
The USDCHF is stretching to a new session high and in the process is moving toward its 200 day moving average at 0.99520.
There is a flow into risk today and out of the safe havens like the gold (new lows for the day being made), US debt instruments (10 year is up 7.2 bps), and the JPY and CHF in the forex (the JPY and CHF are considered safe haven currencies)..
The price of the USDCHF did move above its 200 day moving average last week (on Monday and Tuesday) but could not sustain the momentum above that level.
ON the first look, sellers are leaning. That is typical. On a break above, traders will be eying the 0.9964 and 0.99694 swing highs from last week.
Taking a look at the daily chart, the pair moved above a topside trend line at 0.9943. Intraday traders may not look at that level as a barometer as well. If the price can stay above, a break of the 200 day moving average will be expected.
On the topside the 0.9976-83 area is a swing area from August and September. That is a target area on more upside momentum.