Takes out Monday high at 0.9437

The price of USDCHF has traded to the highest level since July 7th after trading above the Monday high of 0.9437. The next target comes against the 50% retracement of the move down from the June 30 high at the 0.94467 level.

Takes out Monday high at 0.9437

The run higher today started after the pair stalled against the lows from July 8 and a swing low from July 9 near the 0.9368 – 70 area. In the process, the pair was able to extend back above its 200 hour moving average at 0.9411, and stay above that average after retesting it. Bullish.

Overall, since the day's low, the last 7 hourly bars have seen higher levels.

FYI, the last hourly bar closed at 0.94373. Close above will be hour #8.