A swing area between 0.93049 and 0.93125 is been tested
The USDCHF is trading at its highest level since October 12. In the process has moved into a swing area between 0.93049 and 0.93125. That area was developed between September 29 and October 12 (see red numbered circles).
This week, the initial move was to the downside in the Asian session yesterday. That move lower tested the 100 day moving average at 0.9189. Buyers leaned against that level and pushed the price higher.
The high price early in the Asian session today stalled against the 61.8% retracement at 0.92580. The subsequent corrective move in the Asian session tested the Friday high at 0.92369, based there and stepped higher.
The buyers are in control. There ARE corrections intraday, but the technical levels are doing a good job of holding support and stepping higher (the price based against the 61.8% retracement as well before the last move to the upside).
The pair is working on its fifth straight day to the upside. Over that time period, the price has moved up 206 pips
