6 of the last 7 days higher. Today looking lower
The USDCHF has run higher on 6 of the last 7 trading days. That has taken the price from a recent low of 0.99967 to a high yesterday at 1.02297. The high price on the hourly chart stalled at a channel trendline.
The price has now moved below the lower channel line and looks toward the 100 hour MA (blue line) at 1.01628. The price last tested that MA back on April 15. When the peek below the line could not be sustained, the buyers entered and started the push higher.
Key time for the trend move.
Does the bearish progression continue (stall at top trend line, fall below lower trend line. Next the 100 hour MA).
Or do the trend buyers lean against the 100 hour MA and declare minor correction, a well….minor correction of a bigger trend market.
If the price does hold, getting back above the broken trend line (and staying above) will be eyed (at 1,0193 – get above 1.0200 will also be eyed).