USDCHF rockets higher

Well… 67 pip run so far

The USDCHF has rocketed higher with the dollars move higher today.  

The move to the upside got a nudge initially, when the lows for the day could not reach the low for the week (and bottomed in a lower swing area between 0.8930 and 0.89393. The low for the week reached 0.8925). The last 8 hours has seen the pair move up 67 pips from the low.  I know, that is not really rocketing, but relatatively speaking, it is trend-like.  

The next target comes in at a swing area )including the high from Monday) at 0.90097 to 0.9012.  Get above that area is another tilt to the upside.

The risk for traders now will be the 200 hour MA at 0.8980 (green line). Stay above is more bullish. Move back below, and some of the bullish bias over the last 8 or so hours, is muddied.

Invest in yourself. See our forex education hub.

Technical Analysis

Articles You May Like

How would the bond and FX markets react to Biden dropping out of the race?
Buying FTSE China A50 index (XIN9) on the monthly chart
Why an indicator that has foretold almost every recession doesn’t seem to be working anymore
Nasdaq fills the gap (well almost) and bounces off 38.2% retracement on the first look
Dow Jones Industrial Average plunges 400 points after Wednesday’s US PMI miss

Leave a Reply

Your email address will not be published. Required fields are marked *