The USDCHF is now up for the 6th consecutive day. Today's move is seen an acceleration to the upside. The move to the upside has seen the price move from 0.9555 to a high price today of 0.9898 or 343 pips.
The move to the upside is in contrast to the April moved to the downside which saw the pair move down 9 of 11 days. During the time the price moved from 1.00637 to 0.9544 or about 519 pips.
The move back to the upside has taken the price back above its 50% retracement at 0.9804 and today its 61.8% retracement at 0.98653.
Drilling to the hourly chart below, the price action is taking out swing levels going back to the May trading decline. As a swing level at 0.98278 at 0.98517, and 0.98714. As mentioned above, the retracement levels at the 50% and 61.8% have also been breached.
The next upside target comes in against the May 17 low at 0.99168. Above that and traders will look toward a swing area between 0.9961 and 0.9974.
These are momentum markets, and right now, the dollar is moving again. Six days in a row and 344 pips over that time period is pretty good. It will now take a move below the 61.8% at 0.9865 to give buyers some cause for pause perhaps, and then 0.98517. Absent that, and the buyers are still in control.
