USDCHF is up for the 6th consecutive week

The USDCHF is on track for the 6th straight week of solid gains as the week comes to close.

Since the last bottom when the USDCHF bottomed at 0.91942 during the week of March 27, the prices has moved up 853 pips to the high reached yesterday and today near 1.00486.

In extending higher, the USDCHF price moved above a swing area between 1.00137 and 1.0027. The current price is trading above both those levels at 1.0032.

Stay above the 1.0027 level is the most bullish bias for the pair off of the weekly chart. Of course the 1.0000 parity level is also a close support level that would keep the buyers satisfied, while keeping the sellers nervous.

Drilling to the hourly chart below, a move back below the parity level would have traders looking toward what was a ceiling established from Monday and Thursday (see red numbered circles in the chart below).

That ceiling area came between 0.99613 and 0.9974. Also near that level is the rising 100 hour moving average which cuts across at 0.99617. The combination increases the areas importance going forward.

With parity a key natural support level, the ceiling from earlier this week down to 0.99613, and the rising 100 hour moving average at 0.99617, those 3 levels would need to be broken to give sellers more control and potentially define a high. Absent that, and the buyers remain in control and the trend remains to the upside.

USDCHF broke above the ceiling from M-Th yesterday