The USDCHF has traded to - and above - the parity level for the 1st time since December 2019. The high price has reached 1.0001. The current price is just below that level.
The USDCHF has been a consistently steady riser of late with the pair up 6 straight weeks. Over that time, the price has been up 25 of 30 days. The low price on March 31 reached 0.91942. The high price today near parity implies a 30 day gain of 807 pips. There has been little in the way of corrective action during that run higher.
Drilling down to the hourly chart below, yesterday was 1 of the down trading days and also 1 of the few times the price traded below the 100 hour moving average (blue line in the chart below).
In fact the price traded below the blue line on 2 separate occasions as the CPI data sent the pair's price on a volatile up and down move. The high price from yesterday did stall ahead of the high prices from Tuesday's trade at 0.99743 The high reached 0.99632.
Today the pair was able to get above the lower swing high area at 0.9963 and the higher swing area at 0.99743 over the last hour so of trading. That area is now close support. Stay above 0.9963 – 0.99743 and the buyers remain firm control. Move below and the rising 100 hour MA will remain as another downside target that would need to be broken to increase the bearish bias. That MA currently comes in at 0.99276.
Moving below - and STAYING below - is needed to increase the bearish bias. Until then the sellers are not winning.
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