The pair stalled the low today between recent swing low levels.
The USDCHF has moved to new session highs boosted by less risk-off anxiety coupled with some technical support holding.
Looking at the daily chart, the low today stalled at the 0.97029 level. That was between the swing low from June 25 at 0.96935 and the January 10 low at 0.9715. The failure to break below that area, helped turn sellers and the buyers technically. Fundamentally the pair was boosted by less “risk off” anxiety. Yesterday, the CHF was the strongest of the major currencies.
Drilling down to the hourly chart, the price has stepped higher today witht he next target at the 0.98025 to 0.98068 area. The 0.98025 was the low price going back to July 22. The 38.2% retracement comes in at 0.98068 level. The high price has reached 0.9792 so far today.
Taking another step down to the 5 minute chart below, the steps higher today saw the first leg up, correct to the 38.2% and the 100 bar MA (blue line in chart below) before starting the 2nd leg higher.
That leg now has the 38.2%-50% of that run at 0.9764-70 (see chart below). Stay above, would keep the trend move higher intact for the day with the higher target from the hourly chart as the potential. A move below will likely look toward the 0.9754 level where the earlier high and the 100 bar MA (blue line) will be converging.
For now, the buyers are still more in control intraday, but it appears the 2nd correction from the 2nd leg higher is underway.