USDCHF trades at highest level since March 12th

Technical Analysis

Author: Greg Michalowski | usdchf

Breaks above swing area and topside channel trend line

The USDJPY has been accelerating to the upside this week (see a post from yesterday). Over the weekend SNBs Jordan said the central bank could cut rates or intervene.  That helped the weak bias in the CHF (higher USDCHF). 

Breaks above swing area and topside channel trend line
Technically, the price moved above a swing area at 1.0092-97 today and a channel trend line in the same area. The high just extended to 1.01038. The close risk is the 1.0092 now. Stay above keeps the buyers in control.

The next targets are the highs for the year at 1.0119 and 1.01236.  

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