The USDCHF based at the lows near the 200 hour MA (after a failed break lower)
The USDCHF is back higher and trading at session highs, in what has been an up and down, but now breaking up day.
The down for the day did break below a support target defined by the Monday and last Friday lows at 0.9681 and 0.96834 respectively. After the fail, the next bars low stalled right at the 200 hour moving average (green line in the chart above). That started the 3 hour run to the upside (see low for the day today on the chart above).
More recently, the price extended above an old trendline at 0.97108 and the swing highs from yesterday and Friday at the 0.9717 to 0.97183 respectively. The high just extended to the high price from last week at 0.97284. So the steps higher are being taken with the high from January 22 at 0.9728 as the next hurdle to get to and through (we are trying to extend right now).
If the sellers started to take charge against the swing high, a move back below the 0.9717 level would muddy the bullish waters a bit for the day with a move back below the broken trend line worsening the technical picture. Those are risk levels now.
On the topside, the highs from January 13 at 0.9735 followed by the high from January 10 at 0.97613 are the next obvious targets.
