USDCHF trade to highest level since July 23rd
The USDCHF is trading at a new day/week high. The price just reached 0.97893. The move higher took out the high price from yesterday at 0.9279. The pair is trading at the highest level since July 23.
Each day this week has seen higher highs for the USDCHF. The pair is also working on its 6 consecutive day higher. The close yesterday was at 0.9266. That is a close risk level for traders today. Stay positive is positive for buyers (and worries the sellers).
Looking at the daily chart, the pair moved above a swing area between 0.9229 and 0.92448 yesterday. The low today could only reached to 0.9250, before pushing higher. On the daily chart the next key target comes in at the 100 day moving average and 38.2% retracement of the move down from the March 2020 high. Both are at 0.9342 area today (still a decent way away for today at least).
Close risk on the daily chart is the aforementioned swing area between 0.9229 and 0.92448. Stay above is more bullish. Move below and traders will be questioning the corrective move higher.
Drilling to the hourly chart below, the price action today saw the low for the day bottom near a swing area between 0.92448 and 0.92496. The inability to move below that near term swing area has given the buyers more confidence to push higher. Remember that level should there be a rotation back to the downside.
As mentioned above, the close from yesterday came in at 0.9266 is a closer risk defining level for longs/buyers. With the pair up for 6 consecutive days, a move back into the red could see some further liquidation into the weekend. Until then, the buyers remain more in control.
