Seeing some consolidation at least
The USDCHF has kept running and running and running. The first run higher today went from 0.9018 to 0.90819 (64 pips) followed by an 18 pip correction. The second run went from 0.9063 to 0.9131 (68 pips). The correction off the most recent leg higher has only been about 9 pips, but at least the price has moved sideways over the last hour or so of trading. The market price has been trending with little in the way of a correction (see earlier post on the USDCHF HERE
If the price does correct, the price would need to get below the 38.2% of the last leg higher and the broken 200 hour MA. Both are near the 0.9105 level (see the yellow area and green overlay line on the 5 minute chart above). If the price moves to new highs (and the buyers are certainly still in control), the trend can continue.
Drilling to the hourly chart below, the price rise did reach to the 61.8% at 0.91255. The price is around that area now. The price also moved above the high from August 14 at 0.91216. Watch that 0.9121 level for close trading clues. If the price moves below, maybe we see more selling with the 200 hour MA as the target – just because the market is tired of running and running and running…. Stay above and the marathon higher continues.