The USDCHF is seeing steady buying today as flight into that safety is unwound with gains in stock and yields moving higher. The panic for Monday is being reversed.
Technically, the price is back above a swing area between 0.8549 and 0.8579. The price is also back above the 38.2% retracement of the move down from last week’s high to Monday’s low (that move took the price from 0.8875 to 0.8432 in less than a week). That retracement level comes in at 0.86016 and represents close support in trading today.
If the price can remain above those levels, there is room to retrace with the 50% at 0.86538 the next upside target. Get above that level and it opens a door toward 0.8705.
This article was written by Greg Michalowski at www.forexlive.com.
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