Completes the down and up lap today
The USDCHF moved to the lowest level since April 10th today. That run moved below a lower trend line on the daily chart (it closed just below it yesterday too) and approached the low from April 10th at 0.9534. The low stalled ahead of that level at 0.95416. The price is now trading back above the broken trend line at 0.9582. The price is trading at 0.9592 currently. Leaving that tail at the lows could lead to more upside potential.
Drilling to the hourly chart below, at today’s low, the price stalled at a lower trend line and bounced. That bounce took the price above another line that the market has been also using as both support and resistance on the march lower. The high today has moved up toward the low from Tuesday at 0.9599 and the 38.2% at 0.96019. The pair is also positive now.
The price is still down for the week and below the 38.2% retracement. However, nimble buyers off the low support levels are feeling ok. They would feel better if the pair rushed above the 38.2%. That might have to wait until next week as the markets slow, but the recovery today, gives the buyers a little more hope.