Midpoint of August range is also being eyed
The USDCHF is making a new session high as stocks rally and there is some “risk on” flows out of the CHF.
In the run higher today, the pair earlier found support at the 100 hour MA (blue line). That gave the buyers confidence to take the price higher technically. The 0.9808 level was the high from last week and we are now just above that level too.
The next target is the 50% retracement of the move down from the August 1 high. That comes in at 0.98169. The high from Monday took a quick look above that level to a high at 0.98205 and backed off. The high from yesterday stayed below the 50% level.
New highs being made, but good resistance at 0.9817-20 to get through that may stall the rise with stops on a break above.