The USDCHF moved higher in the Asian session after a sharp fall yesterday. The correction higher however did store ahead of the 50% midpoint of the move up from the mid-May low. That level came in at 0.9072. The high price today on the rebound reached 0.90686 (3-4 pips short of the midpoint level).
The core -PCE data helped to send the pair lower and the price is now testing a swing area between 0.9019 and 0.9025. Moving below that level, and traders toward another swing area above and below the 0.9000 level. The low price for May reached 0.8987 and that level remains another key target on the downside.
This article was written by Greg Michalowski at www.forexlive.com.
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