The USDCHF is trading to a new session high and in the process has moved into a swing area (see red numbered circles). That area comes in between 0.9311 to 0.9325. On Monday, the price moved above that area reaching highs at 0.9346 and later at 0.9340. Both of those moves took the price above the 200 hour MA (green line) and should have led to more buying. It did not do that. So the price moved lower into the close on Monday, on Tuesday. There was new lows yesterday and again today, but the price has sprung back to the upside on the move higher in the USD.
Today, the price moved back above both the 100 and 200 hour MAs (blue and green lines at 0.9283 to 0.92889). Staying above those levels is more bullish. It would take a move back below them to ruin the upside corrective party in the short term.
Having said that, there is more work to do. The 0.9325 is the next target. Then the Monday high at 0.9346 and finally the 38.2% of the move down from the November 21 high at 0.9359. Getting above that level is the minimum retracement target. If the price cannot get above that level, the sellers are still more in control.
