USDCHF trades to the highest level since April 13
The USDCHF is trading to a new month high on the last day low month of June. The price broke above the June 18 high at 0.92385. The high for the day has reached 0.92484.
Looking at the daily chart above, the 61.8% retracement of the move down from the April high to the June low comes in at 0.92632. That would be the next major target on the daily chart.
Drilling to the hourly chart below, going back to last Friday, holding the 200 hour moving average was key for the bullish bias since at that time. On Monday, the holding at the 100 hour moving average (blue line) was another important “tell” for the market traders (bullish).
Yesterday, the price did stall near the June highs as sellers leaned. The price did decline into the close but started to rebuild to the upside today.
With the price now above the swing highs between 0.9233 and 0.92419, that area will now be close risk for buyers looking for further momentum on the break. Stay above is the best case scenario for the buyers technically.
A move below that area could see a rotation back toward the rising trendline near 0.9218 currently. also in play is the swing high ceiling near 0.92127. A move below that level would really hurt the buyers looking for more upside momentum.