USDCHF hits new 2024 high, and moves away from 38.2% retracement

The USDCHF is working on its 4th day higher in the last five trading days. The prior two days extended and stayed above the 38.2% retracement at 0.86805 (the move down from the September guide to the December low) and stayed above.The inability to move below that retracement level gave the buyers the go-ahead to run higher.

The next target is the 50% at 0.8788 and then the 100 day MA at 0.88159 and 0.88479.

Buyers are continuing to make a play and control the bias.

This article was written by Greg Michalowski at Source