The USDCHF is moving to a new session high,and a new year high, and in the process is also entering into a key swing area on the daily chart between 0.93658 and 0.93748 (See yellow area in the chart above).
The last time the price entered this area was back in November 2021. It also entered the area in September 2021. Each time, sellers leaned against the area and pushed lower (see red numbered circles three and four).
The swing area was defined back in March 2011, when a high was reached and then later broken before failing and moving back below the level (see red numbered circles one and two).
Should there be a break above the swing area, it would open up the door for a potential run toward the extreme high from 2001 which peaked at 0.94720.
Conversely stay below, and a rotation back toward the swing high from January at 0.93425 would be the next major target to get below if the high is indeed in place once again, and sellers are to take back more control.
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