The USDCHF has now retraced its entire move to the downside yesterday.
Recall, the move lower yesterday was the 1st down day after 9 consecutive days with higher closes. With a down day (after the recent surge), expectations for the correction lower was expected today.
However, that was not the case.
The low price - reached in the Asian session today - could not reach the rising 200 hour moving average (green line currently at 0.97076). The low price reached 0.97086. The natural support at the 0.9700 level was also near the 50% of the last trend move higher (see hourly chart above). Those levels could not be broken either.
The subsequent rally to the upside in the European session took the price back above its 100 hour moving average (blue line) currently at 0.97652. The momentum higher continued with the the run back into the USD as stocks tumbled and rates moved higher as well.
That has now taken the USDCHF up to the high from yesterday at 0.98518. The high price just reached 0.98527.
There is some stall against the level - at least for now. A move above would take the price to the highest level since March 2020 (see daily chart below). The high price in that month reached 0.9899. That would be the next upside target on further momentum.
The stock decline is taking a little breather with the NASDAQ down -505 points or -3.9% at 12462. The low price reached 12401.77. The low price yesterday reached 12367.02 before starting its move to the upside. The low price for the year comes in at 12202.41.
