The USDCHF is moving higher for the 10 days in 11. The move higher today as the pair within a swing area between 0.9118 and 0.9169. Just above that level is the 38.2% retracement of the move down from the November 2022 high to the low reached in July. That retracement level comes in at 0.91615. The 38.2% retracement represents a key target to get to and through to show that the buyers are willing to take more control after the trend move lower from the November 2022 high. Absent that in the move higher since the July low is just a correction within a larger trend move lower on the daily chart.
Staying below the 38.2% retracement would have traders looking toward the 0.91069 to 0.9119 area for close support. Stay above that area, would keep the buyers in firm control with hopes of a break above the aforementioned topside target levels.
It is hard to ignore the bullishness seen since the July low. However, there is key resistance that still needs to be broken on the daily chart to prove the bullish bias seen over the last few months is starting to take back more control.
This article was written by Greg Michalowski at www.forexlive.com. Source