As the dollar continues to move higher (new highs vs the EUR, GBP, JPY all being made), the USDCHF is also in that group.
Looking at the hourly chart, the pair moved above it’s 200 hour MA at 0.92802. That was the first break since March 29. The price has since moved up to test the 38.2% of the move down from the March 16 high at 0.92955. That retracement is between a swing area (see red numbered circles) between 0.9293 and 0.92964.
The cluster of levels increases the areas importance. Move above and traders will look toward another swing area between 0.9313 to 0.93194 and above that the 50% retracement of the same move lower at 0.93268.
Stay below the swing area and the trade could take the price back for another test of the 200 hour MA at 0.92802. Move back below the 200 hour MA and something is up. The price should not head back below that level if the break is “for real”.
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