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USDCHF retraces back into swing area on the hourly chart

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The swing area comes in between 0.90288 and 0.90343

The USDCHF has pushed sharply higher today and in the process has moved to the highest level since May 14th.  In the process, the move took the price above a swing area in the 0.90288 to 0.90343 area, and the 61.8% of the move down from the May 12 high. That comes in at 0.90308 (between the swing area).  

The swing area comes in between 0.90288 and 0.90343The price has come off the high near 0.9051 area and in the process has moved back into the aforementioned swing area between 0.90288 and 0.90343.  If the buyers lean against the level, the buyers remain in firm control. There should be a further run to the upside in the new trading day.  

If the price moves back below, there is likely to be more corrective probing to the downside with the high price from yesterday at 0.90236 ass the next target.

Taking a broader look at the daily chart below, the 200 day moving average comes in at 0.9073. The 100 day moving average comes in at 91014. Those moving averages would be the next upside target’s.  

What gives a buyers some hope from a technical perspective on the daily chart, is that the low in May stalled near a swing area between 0.8919 and 0.8933. The price move higher today based near a another swing area with a low near 0.8978 AND the price moved back above a topside trend line. 

USDCHF on the daily chart

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