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The USDCHF is up again. The pair has been up 14 of the last 15 trading days. Over that time period, the price has moved up from the April 12 low at 0.9286 to a high today of 0.9784. That is nearly 500 pips. The current price is trading at 0.9780 just below that swing high.
Looking back further on the daily chart below, the price high today has started to enter into a swing swing area going back to April and May 2020 between 0.9783 and natural resistance at 0.98008.
At that time, the price was also testing the falling 200 day moving average at 0.9793 area, and finding willing sellers near that moving average level.
Ultimately in May 2020, sellers started to take more control and that control ended up moving the price all the way down to the January 2021 low of 0.87568 over 1000 pips lower.
Currently, if the price can get above the 0.9800 level, it would be a another bullish tilt.
Conversely, there is also the chance that sellers would lean against the 0.9800 level with stops on a break above. If that level can hold resistance, we could see a rotation back down toward the 61.8% retracement at 0.96701.
