The USDCHF tumbled lower in the Asian and early European session and looked as if the 7 days of gains was certain to come to an end. However after moving back down and retesting the broken 61.8% retracement - along with some swing levels - has seen a sharp move back to the upside.
The pair is now retraced all the declines for the day, and is now also above the close from yesterday at 0.9969. Could it be 8 days in a row?
That closing level is now close risk. Stay above and the buyers remain in full control.
The USDCHF price is also moving up to test the high from yesterday and swing area between 0.99837 and 0.99937. Move above that area and traders will be extending into the upper extreme with the parity level at 1.0000 and the highs for the year at 1.00486 and 1.00637 as the next key upside targets.
Buyers are certainly making a play and are also looking to snatch victory from the jaws of defeat. Watch the 0.99837 followed by the close from yesterday at 0.9969 for support now. Stay above, and the buyers continue to win. The sellers, well, they tried today but will need to do better going forward.
