Back above 50% retracement on the daily chart.
The USDCHF cracked below the 50% and trend line yesterday. It closed below those levels as well (around 0.96267).
The pair extended lower in trading today (low reached 0.9599 – call it 0.9600), but the price has shot back higher on the dollar buying in the NY session.
Drilling to the hourly chart, you can see the momentum when the price started to move above the 0.96267 area. The price has raced higher and also broke above a topside trend line currently at 0.9637. That broken trend line is a close risk level now. Stay above is more bullish.
The high has reached 0.9650. The 100 hour MA at 0.96562 and the 38.2% retracement at 0.9660 are the targets and represent the minimum levels to get above if the bottom is in place. The price has to get above those levels to push the pair higher. Key level.