USDCHF up on 14 of the last 15 trading days
USDCHF is on the rise again. The pair has risen 14 of the last 15 trading days. During this period, the price moved from the April 12 low of 0.9286 to today’s high of 0.9784. That’s almost 500 pips. The current price is trading at 0.9780 just below this high.
Looking further down the daily chart below, today’s high price has started to enter a swing zone dating back to April and May 2020 between 0.9783 and natural resistance at 0.98008 .
At this time, the price was also testing the decline of the 200-day moving average in the 0.9793 area and finding willing sellers near this moving average level.
Ultimately, in May 2020 the sellers started to take more control and this control eventually drove the price down to the January 2021 low of 0.87568 over 1000 pips lower.
Currently, if the price can break above the 0.9800 level, that would be another bullish tilt.
Conversely, it’s also possible for sellers to lean against the 0.9800 level with stops on a break above. If this level can maintain resistance, we could see a rotation towards the 61.8% retracement at 0.96701.